If you also have a PF account and you want to withdraw money from your account, then you should fill out the claim form very carefully. The reason for this is that the Employees' Provident Fund Organization (EPFO) had rejected every third claim in the financial year 2022-23. EPFO has 27.7 crore accounts and manages funds worth about Rs 20 lakh crore. Many complaints about delays in receiving claims and a huge number of claims being rejected are coming on social media. However, EPFO claims that if the claim is made properly with all the documents, then the money is given to the PF account holder in 20 days.
According to a report, in the financial year 2022-23, EPFO received 73.87 lakh claims for final settlement. Out of these, 24.93 lakh i.e. 33.8 percent claims were rejected by EPFO. At the same time, 46.66 lakh claims were settled. EPFO had rejected 18.2 percent of the total claims in the year 2018-19, 24 percent in 2019-20, 30.8 percent in 2020-21 and 35.2 percent in 2021-22.
If you are careful, the chances of your claim being rejected will be less.
Subscribers should cross-verify and correct any errors in their details before initiating the claim. It is important to completely follow the EPFO guidelines for claim processing. By matching your details with EPFO records, the chances of claim rejection are significantly reduced.
Major reasons for PF claim rejection
Discrepancy in information: Discrepancy between the submitted claim details and EPFO records may result in claim rejection. It is important to have correct information like name, date of joining and leaving a company, bank account details, KYC records, and date of birth. In case of a discrepancy between PF records and Aadhaar details, a joint declaration has to be submitted along with the claim for its correction.
Incorrect account details: Providing the wrong account number or IFSC code will result in claim rejection. Your bank details should be up to date and your linked bank account should also be active. If you have entered the correct bank details and your claim is still rejected, it could be because you are using a joint account.
Blurred copy of cheque-passbook: During an online claim, it is necessary for the signature of the member and the copy of the check or bank passbook to be clear. If the copies are unclear, the claim may be rejected. It is important to complete and verify KYC details. It is necessary to verify and link Aadhaar with Universal Account Number (UAN).
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