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Friday, December 27, 2024 Facebook Instagram Twitter WhatsApp Youtube Personal Finance Education Entertainment Jobs Alert Sports Hindi Technology Complaint Redressal. Fact-Checking Policy Correction policy Authors and Team DNPA Code of Ethics Onwership and Funding Cookie Policy Terms of Service Disclaimer Contact US About Us More Search Home Personal Finance PF New Rules: 5 new rules of EPFO will be implemented in... Personal Finance PF New Rules: 5 new rules of EPFO will be implemented in the new year, know what will be the effect on the employees By Shyamu Maurya December 27, 2024 0 20 Share Facebook Twitter Pinterest WhatsApp Telegram PF New Rules: 5 new rules of EPFO will be implemented in the new year, know what will be the effect on the employees EPFO is making important changes for pensioners. Under the new rules, pensioners will be able to withdraw their pension from any bank in the country without any additional verification. PF New Rules: The Employees’ Provident Fund Organisation (EPFO) has announced some major changes in guidelines and policies for its crores of subscribers. Most of these changes are likely to come into effect from the new year. The retirement fund body is preparing to launch many new facilities for its subscribers. The purpose of these new rules is to provide more convenience to PF account holders and help them manage their retirement fund in a better way. These changes will benefit both private sector employees and government employees. Let’s know about these new rules. 5 new rules for PF account Facility to withdraw PF money from ATM EPFO has decided to issue an ATM card to provide more convenience to the members, which will provide 24/7 fund withdrawal facility to the subscribers. This ATM withdrawal facility is expected to start in the financial year 2025-26. With the implementation of the new guidelines, subscribers will be able to easily withdraw funds anytime in 24 hours. This will also save a lot of time for the subscribers. Currently, they have to wait for about 7 to 10 days to receive PF money in their bank account. Employee contribution limit may change Another major change coming next year is the change in EPF contribution limit for employees. Currently, employees contribute 12% of their basic salary to the EPF account every month. However, the government is considering allowing employees to contribute based on their actual salary instead of the Rs 15,000 fixed by the EPFO. Once this policy is implemented, employees will be able to accumulate a larger fund till their retirement and receive more pension every month. EPFO IT system upgrade EPFO is upgrading its IT infrastructure, which will allow PF claimants and beneficiaries to easily withdraw their deposits. It is expected that this upgrade will be completed by June 2025. Once the IT infrastructure is upgraded, members’ claims will be settled faster than before. Besides, this will increase transparency and reduce cases of fraud. Facility to invest in equity EPFO is considering allowing its members to invest in equity. This will give PF account holders the option to manage their funds more effectively. If the retirement fund body allows direct equity investment, members can expect high returns. Easy pension withdrawal EPFO is making important changes for pensioners. Under the new rule, pensioners will be able to withdraw their pension from any bank in the country without any additional verification. This move will be very convenient for the members and will also save a lot of their time as they will be able to withdraw their pension from any bank. Tags PF New Rules Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Banking System: Now bank will fine you Rs 100 per day if the transaction fails; Know RBI rules Next article Tax Free Salary: There will be no tax on salary up to ₹ 10,50,000? preparations are being made to give relief to middle class taxpayers Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com RELATED ARTICLES India School Holiday: Schools will remain closed for 15 days in Haryana, notice of winter vacation issued December 27, 2024 Personal Finance H-1B visa limit may end for India, know what will be the benefit December 27, 2024 India Cancelled Train: Big news for railway passengers! 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In the world of football, the name Son Heung-min needs no introduction. The South Korean forward has dazzled fans with his skill, speed, and goal-scoring prowess for both Tottenham Hotspur and the South Korean national team. Recently, Son has faced criticism for a perceived dip in form, but one man who continues to stand by him is none other than former South Korean national team coach, Hong Myung-bo.