The Employees’ Provident Fund Organization (EPFO) has implemented a Standard Operating Procedure (SOP) governing the freezing and de-freezing of accounts.
As per the new guidelines, the verification of frozen accounts must be completed within 30 days, with the provision to extend the deadline by an additional 14 days to safeguard funds in these accounts.
Verification Process and Member ID/UAN Requirement
For the verification process, individuals will need to provide their Member ID and Universal Account Number (UAN).
The SOP outlines the procedures and deadlines for freezing accounts related to establishments.
EPFO emphasizes that this verification process is crucial to mitigate risks associated with potential fraud and forgery.
Prevention of Fraudulent Withdrawals
EPFO’s SOP underscores the significance of mandatory verification for accounts where there is a likelihood of fraudulent activities, including attempts or fraud.
This measure is implemented to safeguard funds and prevent unauthorized withdrawals.
The verification process serves as a protective mechanism against potential fraudulent transactions.
EPFO’s Social Security Role
EPFO, as a leading social security organization, caters to the social security needs of over 60 lakh subscribers through schemes such as the Employees Provident Fund Scheme, Employees Pension Scheme, and Employees Deposit Linked Insurance Scheme.
The SOP aims to strengthen the verification process and enhance the security of funds for the organization and its members.
Multiple Stages of Verification
To identify suspicious accounts and transactions, the SOP outlines multiple stages of verification for Member IDs/UANs and establishments.
This proactive approach aims to prevent fraudulent activities and ensures that funds are not withdrawn illegitimately.
