A new feature has been introduced by the Employees’ Provident Fund Organisation (EPFO) on its Member e-Sewa portal, which the enablement of EPF members to conduct their KYC process online.
Enhancing EPF Account Management
Termed as “joint declaration”, this initiative has the aim to facilitate seamless account management for EPF participants by allowing them to rectify their EPF account details and complete their KYC process digitally.
It’s important to distinguish this new facility from the joint declaration form required under Para 26(6) of the EPF scheme, which mandates higher contributions to the EPF account if the basic salary surpasses the statutory limit (currently Rs 15,000 per month).
This feature, which is aka joint declaration, enables the members to update their KYC details online, eliminating the need for offline methods.
This is pivotal since it empowers its members to review their personal info on the portal and rectify them if there are any discrepancies, in order to prevent rejection of withdrawal requests.
As per recent reports, there have been instances of EPFO rejecting withdrawal requests due to record mismatches, such as discrepancies between members’ PAN, Aadhaar, and EPFO records.
Such errors, now moving forward, can be rectified from the comfort of the homes of such EPF account holders.
Puneet Gupta, Partner-People Advisory Services at EY India, highlighted that the EPFO introduced a standard operating procedure for processing joint declarations for member profile updates via a circular dated August 23, 2023.
Now live on the Member e-Sewa Portal, this facility enables the EPF members to easily submit corrections to their EPF accounts online.
In the past, only limited corrections were possible online, whereas other corrections requiring physical submission of relevant forms, duly attested by the employer, to the EPFO.
It is crucial to note that the majority of rejected EPF claims stem from information mismatches in official documents like PAN, Aadhaar, and EPFO records.
Hence it is quintessential that all the EPFO records are updated so as to get most successful EPF claims.
Initiating Online KYC Updates and Verification Process
To initiate online KYC updation, EPF members must keep certain prerequisites in mind and have specific documents ready for corrections in their EPFO records. With stricter regulations for personal details like name and gender, there are limitations on the number of times certain details can be edited.
The EPFO permits updates to 11 personal details and six service details.
The process for online KYC updation involves visiting the Member
The process for online KYC updation involves visiting the Member e-Sewa portal, logging in with UAN, password, and captcha code, and receiving an OTP on the Aadhaar-linked mobile number.
Once logged in, members can select the “Joint Declaration” option under “Manage” to update their details.
They must provide consent for using Aadhaar for identity verification and upload necessary documents depending on the changes made.
Once the joint declaration is successfully submitted, it undergoes verification by the employer and EPFO office before reflecting on the EPFO portal.
While the verification and updation process takes up 20-25 days, any delays should prompt members to follow up with their employers for approval of the joint declaration KYC request.
