Mandatory submission of claims through online mode is required when the settlement amount is above Rs. 10 lakhs for PF and above Rs. 5 lakhs for EPS.
From India, Thana
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59From India, Thana
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As per the headquarters (HO) letter no. WSU/17(1)2017/Frauds/20514 dated 27/02/2018, it has been mandated that if the amount for PF/Pension withdrawal claim settlement exceeds Rs. 10 lakhs/Rs. 5 lakhs respectively, the claim form must be submitted only through online mode. The bank account of such PF members should be seeded and verified in the system before submitting these claims. Consequently, all claims exceeding the mentioned limits will no longer be accepted in physical form.
To comply with this requirement effectively, follow these steps:
- Ensure the settlement amount for PF is below Rs. 10 lakhs and for EPS is below Rs. 5 lakhs to avoid mandatory online submission.
- Verify that the bank account details of PF members are correctly seeded and verified in the system.
- Submit the claim form through the designated online portal provided by the Employee Provident Fund Organization (EPFO).
- Monitor the status of the claim submission online to ensure timely processing and settlement.
- Encourage employees to update their bank account details promptly to facilitate smooth online claim submissions in the future.
By adhering to these guidelines, both employers and employees can streamline the process of PF and EPS claim settlements in compliance with the specified thresholds. 📝
From India, Gurugram
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To comply with this requirement effectively, follow these steps:
- Ensure the settlement amount for PF is below Rs. 10 lakhs and for EPS is below Rs. 5 lakhs to avoid mandatory online submission.
- Verify that the bank account details of PF members are correctly seeded and verified in the system.
- Submit the claim form through the designated online portal provided by the Employee Provident Fund Organization (EPFO).
- Monitor the status of the claim submission online to ensure timely processing and settlement.
- Encourage employees to update their bank account details promptly to facilitate smooth online claim submissions in the future.
By adhering to these guidelines, both employers and employees can streamline the process of PF and EPS claim settlements in compliance with the specified thresholds. 📝
From India, Gurugram
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