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The Union Minister said that after the launch of EPFO 3.0, EPFO will issue ATM cards to its members. He further said that the initial phase of website and system improvements will be finalized by the end of January 2025.
A big update has come for EPF account holders
Union Labor Minister Mansukh Mandaviya has announced that the Employees’ Provident Fund Organization (EPFO) is all set to launch its new software system EPFO 3.0 by June this year. Speaking to reporters on Thursday, Mandaviya said the new system will provide facilities similar to the country’s banking systems. Also the website interface will be more user friendly.
EPFO will issue ATM cards to its members
The Union Minister said that after the launch of EPFO 3.0, EPFO will issue ATM cards to its members. He further informed that the initial phase of website and system improvements will be finalized by the end of January 2025. EPFO 3.0 is set to improve the experience of Employees Provident Fund (EPF) members, it aims to improve accessibility, streamline processes and introduce new features to give employees greater control over their retirement funds…
When can you withdraw money from ATM?
With the new EPF withdrawal guidelines, employees may soon be able to access their EPF savings instantly using ATM cards. This will enable them to manage financial crises or unexpected expenses effectively. Last month, Labor Secretary Sumita Dawra had announced that EPFO subscribers will be able to withdraw their PF through ATM by the year 2025. Dawra said the Labor Ministry is currently working on enhancing IT services to benefit India’s employees linked to EPFO.
How much money can be withdrawn?
According to Davra, all members and insured persons will be able to withdraw their provident fund (PF) through ATM. Recent media reports suggest that withdrawals will be limited to 50% of the total balance in the beneficiary’s account. Similarly, EPFO is considering implementing a new scheme to provide greater flexibility in pension contributions. Under this proposal, employees will have the option to contribute more or less to the Employees’ Pension Scheme (EPS) above the existing 12 per cent limit.
A mobile app will also be available
Along with EPF accounts, a special app is also being prepared for mobile banking. Through which members can see things like monthly contributions coming to their account, pension funds, contributions from previous jobs, etc. Not only this, they can also monitor their PF account through the mobile app.
How much contribution now?
Currently, both the employee and the employer contribute 12 per cent of the employee’s basic salary, dearness allowance and any retention allowance to the EPF… The employee’s entire contribution is allocated to the EPF, while the employer’s 12 per cent contribution is as 3.67 per cent. Is divided. EPF gets 8.33 per cent and EPS gets 8.33 per cent. Additionally, the Government of India has allocated Rs. Employees contribute 1.16 per cent to pension for those earning less than Rs 15,000.