After subscribers face EPFO portal problems, withdrawal rules changed; how it impacts you

The EPFO circular said, "Considering the grievances raised by members, this stipulation (earlier decision) will be kept in abeyance so that offline claims will also be accepted in all cases." Earlier in February this year, the retirement fund body had made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh.

EPFO circular, issued on April 13, instructed all its field offices that claims received online will be sent online to employers for further verification, only after which the claims will be settled. Image source: PTI

The Employees' Provident Fund Organisation (EPFO), the retirement fund body, has brought good news for its over 5 crore members after they faced problems on the EPFO portal. Now, they can submit their fund withdrawal claims that are over Rs 10 lakh via physical form, in short, offline too. Reversing its earlier decision, the EPFO recently stated that the decision has been taken "in view of the problems faced by members/claimants (including international workers) in filing online claims."

The EPFO circular said, "Considering the grievances raised by members, this stipulation (earlier decision) will be kept in abeyance so that offline claims will also be accepted in all cases." Earlier in February this year, the retirement fund body had made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh. The body had also made it mandatory to file online claims to withdraw over Rs 5 lakh under the Employees Pension Scheme 1995.

The recent circular, issued on April 13, the EPFO instructed all its field offices that claims received online will be sent online to employers for further verification, only after which the claims will be settled.

Meanwhile, the Central Board Trustees (CBT), apex decision making body of EPFO, has decided to provide 8.55 per cent rate of interest on EFF for the last fiscal on February 21, 2018 and sent the proposal to the finance ministry for its concurrence.

On this development, Labour Minister Santosh Gangwar said there is no disagreement with the finance ministry on providing 8.55 per cent rate of interest for 2017-18, adding "It is not that they have rejected our proposal (of 8.55 per cent rate of interest on EPF deposits for 2017-18). They can give suggestion on our proposal."

Gangwar told PTI, "The proposed rate of interest will be ratified by May or June as per convention. There is no disagreement on the proposed interest rate. Had there been any disagreement, we would have got their view by now."

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He clarified this in response to the speculations that the finance ministry may not approve the 8.55 per cent interest rate on EFF for 2017-18 which is even lower than the 8.65 provided for 2016-17.

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