- The EPFO has instructed its field offices to speed up the death claims and retirement claims.
- It has instructed to process the death claim within 7 days of the application.
- The EPFO officials would also guide the claimants regarding required documents and process.
- An Official would be posted to deal with such cases.
Normally, EPF withdrawal takes about 20-30 days. Sometimes, It takes more than a month to get the EPF money. This speed disbursal of the EPF corpus would certainly give relief to the family of deceased. It will also reduce the hassle of the retire since it is easy to process things while in the employment.
In fact, EPFO has taken several initiatives to reduce the EPF related complaints. Following are the recent steps of the EPFO.
An EPF account would not become inoperative because of the non-contribution. Earlier, if there is no contribution for 3 years, the accounts used to become inoperative. The inoperative accounts do not earn any interest.
EPFO now settles 96% of EPF claims within 20 days. In 2015-16, it settled 36% claim within 3 days.
EPFO has increased the insurance benefit under EDLI from ₹3 lacs to ₹3.6 lacs.
The TDS deduction threshold is increased from ₹30,000 to 50,000.
The UAN has made EPF balance check very easy.
Because of the new UAN based form the EPF withdrawal can be done without the employer.
The EPF transfer has also become very easy.
The EPFO is trying hard to make the whole EPF process easier. I hope that one day, the EPF account operation would be as easy as a bank account.