Big News for PF Account Holders: EPFO Changes 4 Key Rules
The Employees’ Provident Fund Organisation (EPFO) has introduced new changes that aim to provide significant relief to its members.
Simplified Online Claim Settlement
In the latest development, EPFO has made the online claim settlement process much easier for its members. Now, you no longer need to upload pictures of your check leaf or bank passbook for online claims.
Recent Rule Changes for Faster Settlements
EPFO has also made several other changes recently to speed up various types of settlements:
- Auto Settlement: Enhanced the auto settlement process.
- Multi-Location Claim Settlement: Facilitated claim settlements across multiple locations.
Faster Death Claim Payment: Implemented quicker payment processes for death claims.
Improved Coordination at Regional Level
On May 8, 2024, EPFO issued a circular emphasizing better coordination at the regional level. The responsibility to ensure proper communication between DRO (District Regional Offices) and CRO (Central Regional Offices) will now lie with RPFCAs (Regional Provident Fund Commissioners).
Death Claims Without Aadhaar Linkage
If a PF account holder passes away and their Aadhaar card is not linked to the account, the nominee will still receive the payment without any hassle. The regional officer’s stamp is required to facilitate this process, which previously took a long time.
New Circulars for Auto Settlement and Increased Medical Payments
On May 13, 2024, EPFO released a new circular regarding auto settlement for home purchases under Rule 68B and for education and marriage under Rule 68K. Earlier, on April 16, 2024, another circular under Rule 68J was issued to increase the payment amount for medical expenses.