Employees' Provident Fund Organization (EPFO), the retirement body of India, on 21 February 2017 introduced single page composite claim form. The form will allow its subscribers to withdraw money from their PF account at an ease.
Earlier, employees/subscribers were supposed to fill and submit three different forms to EPFO for withdrawing provident fund for different purposes.
Features of the single page composite claim form
• The form does not require employers’ attestation, but the facility will be applicable only for those subscribers whose Aadhaar number and bank account details are seeded with their Universal Account Number (UAN).
• Subscribers who want to seed Aadhaar and bank details with their Universal Account Number will have to fill a new composite claim form, which replaces the existing Forms 19, 10C and 31 for filing claims. The new single-page form can be submitted with the attestation of employers.
• The EPFO has also done away with the practice of filing utilisation certificates for advances taken from their PF accounts. The subscribers can submit the self-utilisation certificate. However, in cases of withdrawn for medical purposes, the subscriber will have to submit a doctor’s certificate.
This composite form will enable the Employees’ Provident Fund account holders, which is more than eight crore in number, to withdraw PF without submitting evidential documents. This means that they can easily avail or withdraw the money to avail housing loans, grant of advances in case of marriage, factory closure and higher education of their children among others.
Employees' Provident Fund Organization (EPFO)
EPFO is a statutory body formed by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952. It is functional under the administrative control of the Union Ministry of Labour and Employment. The organisation is tasked to assist the Central Board of Trustees.
EPFO assists the Central board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organised sector in India.
Earlier to enable PF number portability, the Prime Minister Narendra Modi on 1 October 2014 launched Universal Account Number for Employees covered by EPFO.