EPF Withdrawal Would be Online
We all are eagerly waiting for the online withdrawal of EPF. The online EPF transfer started in 2013. After one year because of the UAN the online PF transfer has become almost automatic. But, EPFO could not implement the online PF withdrawal. Still, many employees are struggling to get their PF money. However, the situation may change soon. The EPFO is trying hard to implement the online PF withdrawal. The process is on. The EPFO is working to make the online PF withdrawal system foolproof.
The Hurdle of EPF
You must be aware of the PF withdrawal problem. It takes more than 3 months to get the PF amount after leaving the job. The more bothersome is the noncooperation of employers. The PF withdrawal is primarily dependent upon the authentication by the employer. The employers know the power of their signature, hence most of them try to arm-twist the employee. You will find lakhs of employees who could not get their money because the employer is not verifying the EPF withdrawal form. Actually, the employer is the biggest bottleneck of PF withdrawal process.
Bypassing The Employer is Necessary for Swift Withdrawal
If you can bypass the employer, the PF withdrawal process would be very fast. It would be as easy and fast as the PF transfer. But current provision of PF withdrawal without employer signature is itself very tricky. The EPFO rejects such application on any minor anomaly. The EPFO takes extra care of such application. Basically, it is to prevent the PF fraud.
Who Will Authenticate the Employee
What if PF withdrawal does not require the authentication by the employer! What if the employee itself authenticate his identity! Yes, the process would be very easy. The online PF withdrawal is going to the similar direction. EPFO is trying to collect KYC data of employees. This exercise is to make the authentication process easy. If you have registered on the UAN portal, you must have seen the option to upload the KYC detail. UAN has made the PF balance check very easy. It has made the PF transfer an automatic process.
Aadhaar is Most Suitable For Authentication
There are many documents which can be given for the KYC, but the most important is the bank detail, PAN and Aadhaar. Bank details are required to submit your PF corpus into the real account. PAN and Aadhaar are to establish your identity. Between these 2 the Aadhaar is more crucial as it is most foolproof identity documents. The Aadhaar number can give all the demographic and biometric information about you. The EPFO has made arrangement to verify your identity only through the Aadhaar number. The EPFO can access your name, father’s name, address and date of birth through the Aadhaar. It can tally this information with the information it has in the database.
However, Still EPFO asks employers to verify the Aadhaar number of the employee. This verification is done while you are in the job. I hope, in future there would not be any requirement of Aadhaar verification by the employer.
What Would Be The Process of PF Withdrawal With Aadhaar
In the current Process of EPF Withdrawal you give the PF withdrawal application to the employer. The employer attests the application and forwards it to the regional PF office. The regional PF office verifies all the information and release the PF money. The money goes directly into the account of the employee.
In the online PF withdrawal process, you can apply online sitting at your home. The EPFO will verify your details and check whether you have left the job or not. It will also verify the given account number with the database it has. Your identity would have been established through the Aadhaar number. Therefore now it can transfer PF corpus to your account. There would not be any need of employer verification. It has to be seen how will EPFO ascertain whether an employee has left the job or not. This information may give some handle to the employer.
Give Aadhaar As Soon As Possible
Your job is not permanent, you can quit it anytime. Therefore, it would be better if you are prepared for the smooth withdrawal of EPF. The Aadhaar can give you the ease of EPF withdrawal. If you have the UAN, Activate it immediately. If you don’t know the UAN check it online. If you don’t have the UAN, generate it online. The Activation of UAN is must to give the Aadhaar.