EPF Claim Rejected? KYC Issue, Name Mismatch And More — Experts Decode Challenges Around PF Withdrawals
The Employees' Provident Fund or EPF is a silent accumulator for salaried employees, with both the employer and employee contributing a part of the salary to the fund.
The rate of rejection of EPF, however, continues to remain high at around 25% for partial withdrawal and 30% for those who go for full withdrawal, said Ketan Das, business head - provident fund at FinRight, while speaking to NDTV Profit.
"1.6 crore claims rejected as per the last financial year's report," he said.
Rohit Shah, founder and CEO, GYR Financial Planners, remarked, "I think EPFO continues to be one of the most unfriendly manager of our money."
As per Shah, the key reasons as to why your claims may be rejected has to do with Employee's Provident Fund Organisation's shortcomings like absence of system upgradations, KYC not being in sync, the names being mismatched, absence of a grievance redressal ecosystem, and so on.
Das highlighted other factors that might contribute to claims being rejected and said, "There could be multiple underlying issues due to which your claim might get rejected. Some of it can be categorised as pension related issues. Others could be PF contributions that your employer deposits. There may be issues with that. Other than that, there are typical issues such as KYC issues where your name, date of birth, gender sort of information doesn't match with what's there on your Aadhaar."
In the case of partial withdrawal of funds, people might not know how much amount they are eligible to receive, he added. "Eligibility is something a lot of people get mistaken about", according to Ketan.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
