Time to rethink retirement and financial security
You might have seen news about the Unified Pension Scheme (UPS), maybe even skimmed a few articles, and then moved on, thinking this is just another policy tweak that doesn’t concern you.
The Employees Provident Fund (EPF) Organisation has introduced a “Single Page Composite Claim Form” consolidating multiple claim forms, and self-certification for withdrawals from the EPF accounts.
The EPFO said that self-certification would do away with requirements for various certificates for withdrawals from EPFO.
To make its services available in an efficient and transparent manner, the EPFO introduced the Universal Account Number (UAN). Subscribers, who seed the Aadhaar and Bank account details to their UAN, enjoy the facility to submit claim forms directly to EPFO, without the attestation of employers by preferring claims in Forms No. 19 (UAN), 10C (UAN) & 31 (UAN). To add further convenience, these forms have been simplified and replaced by a single page Composite Claim Form (Aadhaar). This new Composite Claim Form (Aadhaar), can be submitted without the attestation of employers.
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Self-certification replaces various certificates prescribed at present. The Composite Claim Form (Aadhaar)/Composite Claim Form (Non-Aadhaar) now comes with self-certification.
The following withdrawals under various provisions have been made operational: Under Para 68B, the “New Declaration Form,” required to be appended with Form No. 31 for housing loan/purchase of site/house/flat or for construction/addition, alteration in existing house/repayment of housing loan, is discontinued. Requirement of “Utilization Certificate” has also been dispensed with.
No document would be required to be submitted by the subscriber in respect of these partial withdrawals.
Under Para 68H, grant of advances in case of closure of factories. Now, no document would be required to be submitted by the subscriber.
Under Para 68K, marriage advance and for availing advance for post-matriculation education of children: Now, no document, including marriage card, would be required to be submitted by the subscribers.
Under Para 68L, advance in abnormal condition: now, the EPF member may self-certify that his property has been damaged. No document would be required to be submitted by the subscriber.
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