EPFO is making important changes for pensioners. Under the new rules, pensioners will be able to withdraw their pension from any bank in the country without any additional verification.
PF New Rules: The Employees’ Provident Fund Organisation (EPFO) has announced some major changes in guidelines and policies for its crores of subscribers. Most of these changes are likely to come into effect from the new year. The retirement fund body is preparing to launch many new facilities for its subscribers.
The purpose of these new rules is to provide more convenience to PF account holders and help them manage their retirement fund in a better way. These changes will benefit both private sector employees and government employees. Let’s know about these new rules.
5 new rules for PF account
Facility to withdraw PF money from ATM
EPFO has decided to issue an ATM card to provide more convenience to the members, which will provide 24/7 fund withdrawal facility to the subscribers. This ATM withdrawal facility is expected to start in the financial year 2025-26.
With the implementation of the new guidelines, subscribers will be able to easily withdraw funds anytime in 24 hours. This will also save a lot of time for the subscribers. Currently, they have to wait for about 7 to 10 days to receive PF money in their bank account.
Employee contribution limit may change
Another major change coming next year is the change in EPF contribution limit for employees. Currently, employees contribute 12% of their basic salary to the EPF account every month. However, the government is considering allowing employees to contribute based on their actual salary instead of the Rs 15,000 fixed by the EPFO.
Once this policy is implemented, employees will be able to accumulate a larger fund till their retirement and receive more pension every month.
EPFO IT system upgrade
EPFO is upgrading its IT infrastructure, which will allow PF claimants and beneficiaries to easily withdraw their deposits. It is expected that this upgrade will be completed by June 2025. Once the IT infrastructure is upgraded, members’ claims will be settled faster than before. Besides, this will increase transparency and reduce cases of fraud.
Facility to invest in equity
EPFO is considering allowing its members to invest in equity. This will give PF account holders the option to manage their funds more effectively. If the retirement fund body allows direct equity investment, members can expect high returns.
Easy pension withdrawal
EPFO is making important changes for pensioners. Under the new rule, pensioners will be able to withdraw their pension from any bank in the country without any additional verification. This move will be very convenient for the members and will also save a lot of their time as they will be able to withdraw their pension from any bank.
