The EPF withdrawal and pension withdrawal is going to very easy soon, The EPFO is working on two EPF apps which will make the services of EPFO available at your fingertips. One of the EPF apps will be for PF subscribers and the other for pensioners. These apps would be available before the end of 2016.
Steps To Make EPF Withdrawal Easy
EPFO is converting all the data of EPF members into the digital format. Once the full data gets migrated into the digital format, the EPF withdrawal would be as easy as redemption from a fixed deposit account. EPFO is already taking data of new employees in the digital format.
EPFO is connecting all the EPF offices to one system. As of now, all the EPF offices work separately. All the EPF offices separately maintain data of the members from their region. Because of the scattered data, EPF transfer and withdrawal becomes a lengthy procedure. It takes the time to transfer the application from one office to another.
The new system would end the role of regional offices in EPF transfer, withdrawal, pension withdrawal and loan disbursal. The central system would do all the transaction related job. The duty of regional offices would be the monitoring the establishments in their region.
Finally, EPF is coming with an app to ease the EPF withdrawal and transfer a very easy process. Currently, it has a mobile app to check PF balance, through which you can visit UAN dashboard, you can activate the UAN, check EPF balance and check the pension payment. But this application does not take requests. Thus the new mobile app of EPFO would address this requirement.
Benefits of New EPF App
The proposed new EPF apps would give you the following facilities.
- UAN activation
- UAN merger
- Check EPF balance
- Track EPF transfer application
- Apply for EPF withdrawal
- Apply for EPF transfer
- lodge a complaint
- Apply for a loan
- Pension withdrawal
When can you use new EPF Apps
The new EPF apps of EPFO would be available before 2017. If there is a delay, you would get it in the start of 2017.
The Old Employer will loose the Relevance
The EPFO is working to completely end the role of the employers in EPF transfer, EPF withdrawal and loan disbursal. It would be a major relief to the EPF members.
Present System of EPF Withdrawal with Adhaar
As of now, an employee can withdraw EPF amount directly only if it has linked Adhaar with the EPF and employer has approved it. You can link Adhaar to EPF database while in the job. However, employers are very slow when it comes to the Adhaar approval. It is natural because once Adhaar is linked to the EPF database, the employee would be free from the clutches of the employer. There are new EPF withdrawal and pension withdrawal form which can be directly submitted to the EPF office.
Present System of EPF Withdrawal without Adhaar
On the other hand, if the EPF is not linked to the approved Adhaar, the employee has to go through the Employer for EPF withdrawal. The employee has to fill the form 10 c and Form 19. The employer verifies it and sends the form to the EPFO. The entire procedure takes about 15 days, longer, if any details are amiss.
The Upcoming Method of EPF Withdrawal
With the new law of Adhaar, the EPFO can exert more pressure on employers to approve the Adhaar. It is separately working on a system to approve the Adhaar of Employees. The EPFO is currently matching the Universal Account Numbers and Adhaar of the employee itself. If everything would be correct, the EPFO would link the Adhaar itself.
The new EPF apps of EPFO can be also used to file a complaint. You can check the status of the complaint from this app itself. Thus, all the activities related to EPFO would come packed with the new EPF apps of EPFO.