New Delhi33 minutes ago
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After this change is implemented, more than 8 crore employees of the country will benefit.
Employees Provident Fund Organization (EPFO) may avoid its new digital service ‘EPFO 3.0’ till January next year. Under this scheme, people were going to get the facility to withdraw PF money from ATM. The government had said that this will provide more facilities to spend 8 crore EPFO subscribers.
In March this year, Union Labor and Employment Minister Mansukh Mandavia had said that the EPFO system under the EPFO 3.0 will be made as easy as the bank and the facility to withdraw PF from ATM.
According to the report, the IT infrastructure required to facilitate PF from ATM is ready. Its methods and other operational details are expected to be discussed in the CBT meeting to be held on October 10-11 next month.
What changes are the government making in EPFO 3.0
- In the last one year, the retirement fund body has started several reforms to benefit around 7.8 crore subscribers.
- The aim of these reforms is to ease the claim settlement process and reduce complaints related to claim rejections.
- EPFO has finished the need to upload checks or attested bank passbook while filing online claims.
- The need for the employer’s approval has also been removed after the bank verification to connect the bank account with the UAN.
How to withdraw PF money from ATM and UPI?
In this new process, EPFO will issue a special ATM card to its subscribers, which will be linked to their PF account. By using this card, subscribers will be able to withdraw their PF money directly from ATM machines.
At the same time, to withdraw money from UPI, you have to link your PF account to UPI. After this, subscribers will be able to transfer PF money to their bank account.
75% money of PF will be withdrawn after one month after going to the job Under the PF withdrawal rule, if a member’s job goes away, then after 1 month he can withdraw 75% money from PF account. With this, he can meet his needs during unemployment. The remaining 25% stake in PF can be extracted two months after leaving the job.
PF withdrawal income tax rules If the employee is completed 5 years offering services in a company and he removes PF, then there is no liability of income tax on it. A duration of 5 years can also occur with one or more companies. It is not necessary to complete 5 years in the same company. The total duration must be at least 5 years.
In the last one year, the retirement fund body has started several reforms to benefit around 7.8 crore subscribers. The aim of these reforms is to ease the claim settlement process and reduce complaints related to claim rejections.
A great relief for the members is that the EPFO has completely eliminated the need to upload a check or attested bank passbook while filing the online claim.
To make the process of connecting the bank account with UAN, EPFO has now also removed the need for the approval of the employer after the bank verification.
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