EPFO latest news: Check the specifics for the SOP that EPFO issued to freeze and de-freeze accounts
For the purpose of freezing or unfreezing accounts, the Employees' Provident Fund Organization (EPFO) has released Standard Operating Procedures (SOPs). In order to safeguard money in these accounts, EPFO states that verification of frozen accounts must be completed within 30 days, with the option to extend this deadline by 14 days. For verification, the Member ID and Universal Account Number (UAN) are necessary.
For the purpose of freezing or unfreezing accounts, the Employees' Provident Fund Organization (EPFO) has released Standard Operating Procedures (SOPs). In order to safeguard money in these accounts, EPFO states that verification of frozen accounts must be completed within 30 days, with the option to extend this deadline by 14 days.
For verification, the Member ID and Universal Account Number (UAN) are necessary. A standard operating procedure has also been released on the deadline for freezing firms' accounts. According to EPFO, the verification procedure is being put in place to lower hazards such possible fraud and forgery. According to the SOP document, verification will become necessary for that account in cases when there is a chance of fraudulent withdrawal of money, attempted fraud, or fraud in general in order to protect the funds.
More than 60 lakh members get social security benefits from EPFO, a top social security provider, via programs like the Employees Provident Fund Scheme, Employees Pension Scheme, and Employees Deposit Linked Insurance Scheme. In order to prevent fraudulent money withdrawals, EPFO has said in the SOP that several steps of verification of member IDs, UANs, and businesses are being made to detect potential situations of suspicious accounts or transactions.
Within a certain time range, the SOP will assist in conducting further or authenticity checks on such accounts or transactions. In addition to this, recovery of cash and other required actions may be taken in the event of irregularity or fraud.
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