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7th Pay Commission Update

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7th Pay Commission Update: Dearness Allowance Raised to 55% for Central Govt Employees

Sasmita Mar 29, 2025 0

7th Pay Commission: Central Government Increases Dearness Allowance to 55% The central government has officially announced a hike in the…

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The Employees' Provident Fund Organisation (EPFO) has introduced a significant change to the provident fund (PF) withdrawal process, making it more convenient for its members. This update eliminates the need for a cancelled cheque and employer-verified bank account details, ensuring a hassle-free experience. Key Highlights of EPFO's New Withdrawal Process No Cancelled Cheque Requirement – Previously, members had to upload a cancelled cheque for verification. This requirement has now been removed. Bank Account Verification Not Needed – Earlier, bank details needed verification from employers. Now, this step is unnecessary as bank details are verified at the time of UAN (Universal Account Number) seeding. Faster Claim Settlement – With these simplified steps, claim settlements are expected to be processed more efficiently, reducing delays and grievances. Auto-Mode Claim Processing – EPFO has introduced an auto-mode settlement for advance claims up to ₹1 lakh, ensuring quick disbursals. Pilot Success Leads to Expansion – The relaxation was first tested for a set of KYC-compliant members. After its success, it has been extended to all EPFO members. Benefits of the New EPFO Withdrawal Rules Smoother Withdrawal Process – With fewer documentation requirements, members can withdraw their PF funds more easily. Reduced Claim Rejections – Eliminating the need for document uploads minimizes errors and claim rejections. Improved Efficiency – Faster claim processing means members receive their funds in less time. Employer Hassle Reduced – Employers no longer need to verify bank details, easing their administrative burden. How to Withdraw PF Without Cancelled Cheque? Login to the EPFO Member Portal – Visit the official EPFO website and log in using your UAN and password. Go to ‘Online Services’ – Select the 'Claim (Form-31, 19, 10C & 10D)' option. Enter Bank Details – Ensure your registered bank account details are correct. Submit the Claim – Complete the necessary details and submit your request. Track Your Claim Status – Monitor the claim status through the EPFO portal. Final Thoughts EPFO’s latest initiative aims to enhance the ease of living for employees and streamline the withdrawal process. By removing unnecessary documentation, the organization is making fund access quicker and more efficient for its members. Stay updated with the latest EPFO news and guidelines to make the most of your provident fund benefits. Keywords: EPFO Fund Withdrawal, Cancelled Cheque Not Required, EPFO Bank Verification, PF Withdrawal Online, EPFO Latest News, UAN PF Withdrawal

Finance Latest News

Good News! EPFO Fund Withdrawal Made Easy – No Cancelled Cheque or Bank Verification Required

Sasmita Apr 4, 2025

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