Online PF withdrawal facility likely by March
Provident fund (PF) subscribers may soon be able to withdraw their money online. The Employees’ Provident Fund Organisation (EPFO) is hopeful of launching an online PF withdrawal facility by Marchend after the Supreme Court extended voluntary use of Aadhaar card to government schemes, including PF.
At present, subscribers who wish to settle their accounts with the EPFO are required to apply manually and the process takes two to three weeks.
Once the online facility is launched the subscribers will get their money in their bank accounts within three hours of making the application. The EPFO has written to the labour ministry for necessary approvals.
To prepare ground for the full fledged launch, the EPFO will start settling all PF withdrawal claims having Aadhaar numbers within three days against the mandated period of 20 days though the claims will be filed manually only.
Use of Aadhaar ensures speedy verification of PF withdrawal cases.
Hindustan Times, New Delhi, 17th Oct. 2015