Nearly four crore members of the Employees' Provident Fund Organization (EPFO) will soon be able to settle claims including EPF withdrawal through the mobile application, UMANG.
The EPFO receives close to 1 crore offline applications for the settlement of EPF withdrawals, pension fixation or getting group insurance benefit for the kin of the deceased.
Some of the salient features:
Instant withdrawal
Money will be credited to the bank account within four days of receiving the mobile application, said PF commissioner V.P. Joy. This feature will be implemented within a months' time.
No certificates required
You won't have to submit certificates to prove for what need the money is being withdrawn. The reasons can be entered by the employee themselves.
Paper-free
Within a year, the EPFO aims to be an 'electronic, paper-free organization.' Every month, over 20 lakh people visit the 250 EPFO offices across the country. Once the procedures go digital, these visits can be avoided.
Automatic transfer
No need to transfer the PF account every time you change your job. The unique account number ensures that the money is credited to the same account irrespective of where you work.
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