EPF claims above 10L to be online
"In case the amount of claim settlement is above Rs 10 lacs for PF claims and Rs 5 lacs in respect of EPS withdrawal claims, the claim form must be accepted through online mode only,” the retirement fund body said in a circular. An employee's 12 per cent contribution goes towards the EPF kitty, while 8.33 per cent out of the total 12 per cent of the employer's contribution is invested in EPS or pension scheme. The balance 3.67 per cent is invested in EPF.
EFPO members with authenticated Aadhaar and bank details seeded against their UAN (Universal Account Number) can submit their provident fund withdrawal/settlement/transfer claims online, according to EPFO's website - epfindia.gov.in. A UAN acts as an umbrella for the multiple member IDs allotted to an individual by different establishments. The idea is to link multiple Member Identification Numbers (Member IDs) allotted to a single member, under a single Universal Account Number. more