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Applied for PF withdrawal but didn’t get it? EPFO explains why

Are you one of those who applied for early provident fund withdrawal to meet immediate financial needs due to coronavirus but haven’t received the amount yet? The Employees' Provident Fund Organisation (EPFO) has clarified why it could have happened.

Applied for PF withdrawal but didn’t get it? EPFO explains why
The EPFO has urged its subscribers to update their details so that the claim settlement is smooth and fast. Source - PTI.

Are you one of those who applied for early provident fund withdrawal to meet immediate financial needs due to coronavirus but haven’t received the amount yet? The Employees' Provident Fund Organisation (EPFO) has clarified why it could have happened. The body had earlier started accepting a special Covid-19 withdrawal claim from account holders who want some extra cash. 

The retirement funds body which said it settles claims for availing advance to fight COVID-19 crisis within three working days has been receiving complaints regarding delay in crediting of funds. Ideally, those who have applied for withdrawal, should get the amount in their bank account within a few days. 

But, if you haven’t received the amount yet, it could be because you haven't updated your account details like IFSC code or account number in the EPFO records. The EPFO has urged its subscribers to update their details so that the claim settlement is smooth and fast. 

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"Dear member, please ensure that your bank account remains valid and up to the date in the UAN. Whenever you want to update the bank account you can do so with the approval by the employer. Always check that the bank account as shown in your login profile is correct and the account is active for settlement into correct account. Incorrect and invalid bank account numbers including wrong IFS codes will lead to return of payments sent to the bank," reads an EPFO advisory.

Earlier, the body said that it has settled 90 pct of the 6.06 lakh Covid-19 related claims it received, in just 3 days, setting new standards of service delivery through a special software designed for speedy disposal. The entire 6.06 lakh Covid claims were settled in 15 working days where the organisation disbursed Rs 1954 cr.

Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Tue, May 05, 2020
11:52 am
New Delhi, ZeeBiz WebDesk
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