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EPFO: If you are an employee of a private company, then you must be in regular contact with PF offices. In the new year, Employees Provident Fund Organization i.e. EPFO is going to make some changes in its rules in your interest. It is going to provide you some such facilities, knowing which you will be happy. The purpose of these changes is to motivate PF account holders to make better use of their pension funds.
No need to wait, you can withdraw money from ATM
Under the new changes in PF rules, employees will not have to wait for several days for their pension amount after retirement. EPFO is going to provide ATM cards to all account holders. Just like you withdraw money from the bank with the help of ATM card, similarly you will be able to withdraw money from the bank account by going to any ATM with the ATM card. This facility will become operational in 2025.
You can deposit more than Rs 15 thousand in PF account every month
Currently, employees contribute 12 percent of their basic salary to the PF account. But currently the rule is that the amount deposited in the PF account should not exceed Rs 15 thousand every month. But under the new change this maximum limit has been removed. The government is going to decide the contribution in PF on the basis of actual salary instead of the basic salary of the employees. After its implementation, employees will be able to deposit a large amount by the time of retirement. In return, they can also get more pension.
EPFO will upgrade its IT infrastructure
EPFO is also going to upgrade its IT infrastructure. After this, most of the work will be possible online without human intervention. After this, the claims of the account holders will be settled quickly.
Will be able to invest in equity
EPFO is also considering some new possibilities of investing in equity. After that, PF account holders can also invest in equity apart from exchange traded funds.
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