EPFO Changed It’s Rule, Now Submit Withdrawal Claim Over Rs 10 Lakh Offline

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New Delhi: In good news for over 5 crore members of retirement body Employees’ Provident Fund Organisation (EPFO), it said that members can now submit provident fund withdrawal claims of over Rs 10 lakh via physical forms, reversing its earlier decision.

In a circular issued to its offices on April 13, the retirement fund body said that it has revised its earlier instruction “in view of the problems faced by members/claimants (including international workers) in filing online claims.”

“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,” EPFO further said.

In February this year, EPFO made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh. It also made it mandatory to file online claims for withdrawals of above Rs 5 lakh under the Employees Pension Scheme 1995.

However, in the circular issued on April 13 to all its field offices, EPFO said that claims received online will be sent online to employers for further verification, only after which the claims will be settled. In this case, the employer has to return the claim within three days to the EPFO office either accepting or rejecting the claim.

These decisions were taken in a meeting chaired by CPFC, EPFO said.

Meanwhile, according to a PTI report, in a meeting of EPFO’s apex decision making body Central Board of Trustees (CBT) on Friday, it was decided to explore the possibility of giving an option of enhancing equity allocation beyond mandated equity investment limit and also the option of reducing equity allocation below the limit to the subscribers.

At present EPFO subscribers have no such option. EPFO invests 15 per cent of its investible deposits in the stock market through exchange traded funds (ETF).

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