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.
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