(Read: PF Body May Announce 8.65% Interest Rate For 2017-18)
Over one lakh claims have been processed and the amount has been credited to the respective member accounts where members have directly applied online through web/mobile interface using their aadhaar credentials as a e-KYC without the attestation by their employers.
"This could have been made possible because members have seeded their aadhaar number and furnished correct information which helped in online verification of details while settling the claims," reads the tweet.
EPF: An introduction
EPF (employee provident fund) savings are meant towards retirement years. One can submit claims directly to EPFO without employers' attestation. EPFO members can complete the whole process online without interacting with the employer. The claim submitted by the member would flow in a soft form to the EPFO database, where it will be processed and the member's bank account will be credited. As a matter of fact, financial planners advise against withdrawing from the corpus before retirement. To encourage long-term savings, the government has formulated tax laws accordingly. If the withdrawal from a recognised PF happens after five years of continuous employment, it attracts no tax liability. In case of employment with different employers, if the PF balance maintained with the old employer is transferred to the PF account of the new employer, it is considered a continuous employment.