EPFO Makes Online Claims Must for PF Withdrawals Above Rs 10 lakh


Retirement fund body Employees Provident Fund Organisation (EPFO) has made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh, taking another step towards becoming a paperless organisation.

The EPFO has also made it mandatory to file online claims for withdrawals of above Rs 5 lakh under the Employees Pension Scheme 1995. Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money.

Source- India Today
Static/Current Takeaways Important for Canara Bank PO 2018 Exam-

  • EPFO has recently reduced the interest rate on deposits to 8.55% for 2017-18 from 8.65% for 2016-17.
  • EPFO came into existence under the promulgation of the Employee’s Provident Fund Ordinance on the 15th November 1951.