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| PF Commissioner appeals employees to update KYC, retain accumulations | | | Early Times Report
JAMMU, Aug 2: Employees' Provident Fund Organization (EPFO) Commissioner has appealed to employers to update KYC and suggested them to retain their PF accumulations on switching employment to avail the benefit of Pension and Insurance Schemes.
In a statement issued here today PF Commissioner Rizwan Uddinsaid that it is often observed that employees/ members frequently switch/change jobs and opt for full withdrawal of their PF funds, which is not the right practice, as their contributory service towards pension and accumulated P F towards Insurance gets neutralized. Whereas a healthy practice would have been that employees keep accumulating balance in their respective PF accounts to derive maximum benefit upto Rs 7 lakhs in case of an eventuality, when a member dies in harness. The family/nominee of a deceased member is entitled to a minimum of Rs 2.50 lakhs if he/she has contributed in the fund upto one year. Similarly accumulated service equivalent to ten years (spread over various employments in the lifespan of members) makes him entitled to pension (early pension as well as superannuation pension). In this regard, it is hereby brought to the notice of the employees and employers that
EPFO is concerned with workers' welfare and securing their future financially and as such, declared interest on the PF deposit for the financial year 2019-20 was 8.50% which is the highest interest rate compared to any other deposit scheme or saving schemes offered by banks.
Members/Employees can opt for partial withdrawal or non-refundable advance (via claim Form-31) from their PF fund, for reasons like Covid19 Pandemic, Illness etc and still continue their EPFO membership.
Claim settlement will be quicker if employees' Aadhaar and Bank Account is linked with UAN.
Linking Aadhaar Card to UAN (Universal Account Number) will eliminate the duplicate accounts.
The most significant benefit of linking Aadhaar and Bank Account is that it will increase transparency in employees' whole account system. After completing KYC an employee can check member balance at any point of time using his UAN and password, he/she can apply for withdrawing net accumulation on retirement or advances online(without intervention of Employer). |
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