Now, Withdraw Your PF In Half The Time

  Author: Abhijit Banerjee

Here is some good news. Employees’ Provident Fund Organization (EPFO) that manages Employee’s Provident Fund (EPF) has reduced the time taken for withdrawal to just 10 days. This is half of the current norm of 20 days. The EPFO has also informed that an Online Claim Settlement Facility has been initiated which targets to settle all claims made online within 3 hours

Delays provident fund (PF) withdrawals from PF accounts is nothing new for most EPF subscribers and the latest benchmark, it anything, shows the keenness of the organization to really improve things. It will also be a big change from the time when it used to take months to get PF money and people wanting to do so, such as the recently retired or those making withdrawals for emergencies, had to suffer.

Power to the PF subscriber The latest announcement comes with a set of other announcements. All EPF accounts will be linked with Aadhar cards and bank accounts. Some media reports say that EPFO is targeting to address all grievances pertaining within 15 days and through an online process. Coming closely on the heels of migration being allowed of money in EPFO account to NPS, subscribers are surely heading towards an era when they can expect some standard of service in a very important area of their financial lives.