New Delhi44 minutes ago
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Employees Provident Fund Organization (EPFO) is going to launch its new digital service ‘EPFO 3.0’ soon. Economist Sanjeev Sanyal, member of PM Economy Advisor Council, has indicated major changes in EPOFOs. This change will be applicable only in 2025 and will benefit more than 8 crore employees of the country.
Facilities like mobile app, digital dashboard and UPI payment will make the lives of employees easier. EPFO 3.0 will not only simplify withdrawing money, but will also speed up the process like updating, claiming information. Employees will be able to withdraw money from ATM by activating UAN and connecting Aadhaar to account.
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75% money of PF will be withdrawn after one month after going to the job Under the PF withdrawal rule, if a member’s job goes away, then after 1 month he can withdraw 75% money from PF account.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 him. 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.
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