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Lack of KYC compliance to impede pandemic EPF withdrawals

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NEW DELHI : The relaxation in rules to allow all subscribers to withdraw a portion of their employees provident fund (EPF) savings to survive the covid-19 crisis may not achieve the desired result, with less than one out of every two EPF accounts being KYC-compliant.

For those without KYC compliance, withdrawing PF money will be a cumbersome task, requiring the support of their workplaces.

Only 44.73% of the total universal account numbers (UANs) have seeded both bank and Aadhaar numbers with UANs with their organizations authenticating it through digital signatures, according to official data reviewed by Mint.

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