In order to reduce the time required in claim settlement and ease the process of withdrawal from the EPF account, the government has come up with a new initiative. Employees can link their Aadhaar with UAN (Universal Account Number) and get their EPF claims processed in as less as 5 days. Earlier, the procedure usually took months to process and the employee had to get the attestation done from the employer.
After the implementation of new rules, employees can fill the “Composite Claims Form” and do away from the employer’s attestation process. This has largely reduced the time taken to settle PF claims. But the claims would be processed in the given time limit only when the applicant fulfills certain conditions. These conditions are as follows:
- The claim has to be filed online at https://unifiedportal-mem.epfindia.gov.in/memberinterface/
- Only those employees who have UAN can apply for PF settlements.
- Employees have to update and get their Aadhaar and bank details approved on the portal to complete the KYC (Know Your Customer) process.
- The current employer has to verify the e-KYC submitted by the employee.