Big news for Employee Provident Fund subscribers! Starting June 2025, employees won’t need to visit HR for KYC related to their PF. The Employees Provident Fund Commission is rolling out a new rule that allows employees to self-attest their KYC. This means no more waiting for company approval to complete the process.
Self-attestation for KYC
KYC for PF accounts is a one-time deal that helps verify your info when linking to your Universal Account Number. Previously, employees had to get their company’s approval, but with the upcoming EPFO rule, that’s a thing of the past. This change is especially helpful since KYC issues often arise when companies shut down, leading to delays in PF claims. This new rule will be part of the EPFO 3.0 initiative launching in June 2025.
EPFO 3.0 Initiative
The EPFO 3.0 scheme is set to launch this year, focusing on enhancing IT and infrastructure. It will also introduce employment-linked schemes. With this new initiative, the EPFO will streamline its operations, making account management easier. It’s expected that the subscriber count, currently around 8 crores, will rise to nearly 10 crores after the launch of EPFO 3.0.
With EPFO 3.0 rolling out, users can expect a bunch of new perks. One of the highlights is self-attestation, which is pretty cool. This new system might work with banks, allowing EPF subscribers to pull out cash directly from their bank accounts up to a certain limit without having to fill out any applications. The Labor Minister, Mansukh Mandaviya, mentioned that this means folks can access their hard-earned money more easily than ever through EPFO.
