look news india
Provident Fund (PF) is the biggest savings of life for employed employees. Along with retirement security, this money is most useful in times of medical emergency or children’s education. But often to withdraw PF money, employees had to visit offices or wait for weeks. To solve this big problem of yours, the Central Government and the Employees’ Provident Fund Organization (EPFO) have made very revolutionary and digital changes under ‘EPFO 3.0’. Now you will not have to wait for days to settle your PF claim, instead all the work will be done in a jiffy from your smartphone.
PF money will come directly into bank account through UPI and ATM
According to Union Labor Minister Mansukh Mandaviya, UPI payment gateway technology has been successfully tested for the convenience of PF subscribers. This simply means that now employees will be able to transfer their eligible PF balance directly to their bank account through UPI. Along with this, the government is working on another great technology, after which you will be able to withdraw cash from your PF account by going directly to the ATM machine if needed. However, keeping future security in mind, 25 percent of the total fund will always be locked, so that you have a large amount safe at the time of retirement.
Auto-settlement limit increased to ₹5 lakh, work completed in just 3 days
Under EPFO 3.0, the rules have been simplified so much that now the limit for auto-settlement (claim settlement without any human intervention) has been directly increased from ₹1 lakh to ₹5 lakh. The claim which earlier took at least 20 days to be processed, will now be delivered electronically directly into your account in just 3 days. Additionally, the earlier 13 complex rules have been consolidated into just 3 simple categories. If you have a home-related need or a special circumstance, you can withdraw up to 100% of your eligible balance. Now permission has been given to withdraw advance money even after working for only 12 months i.e. 1 year.
Balance and claim status will be visible as soon as you type ‘Hello’ on WhatsApp
Taking steps towards Digital India, EPFO has also completed preparations for WhatsApp support service. Now you will not need to login to any cumbersome portal to know your PF balance or check the status of the claim. You just have to send “Hello” from your registered mobile to the official WhatsApp number of EPFO. After this, an AI-powered chatbot will give you complete information about your last 5 transactions, PF balance and live claim status. The most important thing is that this WhatsApp service will be available 24 hours and seven days (24×7) in your local language.
Experts’ opinion: Use wisely in the digital age
Market and financial experts believe that these modern changes of EPFO will bring transparency in the entire system and save time of the employees. However, financial advisors also caution that even though it has now become very easy to withdraw money from PF, employees should access this fund only when there is extreme need. Since EPFO offers excellent returns with a government guarantee, keeping this money safe for a long time will make your old age the most secure.