look news india
Now you can withdraw your PF money from ATM also. The government is preparing major changes in the provident fund system. Explaining the changes to be made, CNBC-Bazaar’s Laxman Roy said that the next phase of EPFO reforms will have several features. Now you can withdraw PF (Provided Fund) money from ATM. You will get a separate ATM card for PF. This scheme may be implemented by May-June 2025.
The thing to keep in mind is that just because you will be able to withdraw PF money from an ATM, it does not mean that you will be able to withdraw money from any ATM or bank. For this, you will be issued an ATM card by EPFO. EPFO will tie up with different banks for these ATM cards. Under this agreement, you will be able to withdraw PF money only from selected ATMs. This facility can be available from May-June next year. Well, in the next 6 months you can withdraw PF money from ATN.
Under a major change, now the 12 percent limit on employees’ contribution in PF can be removed and increased. At present, 12 percent contribution in PF is made by the employee and 12 percent by the company. Now the employee can contribute as much as he wants. But the extra money you pay will go into your pension plan. This scheme is called EPS. That means you can say that now more contribution to EPS is possible. The more you contribute to EPS, the more pension you will get. But the thing to keep in mind is that the employer’s contribution to PF will be decided on the basis of salary only. The salary limit can be increased. At present this limit is Rs 15000. Now this limit can be increased. This will also be a big thing for any EPFO member.