PF ATM withdraw: EPFO subscribers will be able to withdraw PF money from ATM too, government is making a plan
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The central government is preparing to make some important changes related to the Employees Provident Fund Organization (EPFO). Now the government is planning to unveil the EPFO 3.0 scheme, in which many new facilities will be introduced for the customers. The option of ATMs can also be given under this.
What is the plan
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According to a CNBC report, EPFO subscribers may have the option to withdraw PF directly using ATMs, a move aimed at making withdrawals more convenient. According to the report, the Labour Ministry is reportedly working on issuing cards to enable PF withdrawals through ATMs. The facility is expected to be launched by May-June 2025, providing further relief to EPFO subscribers.
This is also the proposal
Apart from this, EPFO can remove the 12 percent limit on employee contribution to the Provident Fund (PF). The report said that employees may soon get the facility to contribute to their PF accounts based on their savings preferences. The scheme may also allow deposits beyond the current limit at any time. However, this proposal is in the initial discussion stage.
Whose contribution is how much
Let us tell you that at present 12 percent of the salary (basic salary and dearness allowance) of EPFO members goes into the EPF account. Out of the 12 percent contribution of the employer, 8.33 percent goes to EPS-95, while the remaining 3.67 percent is deposited in the EPF account.
The source said that apart from improving social security benefits, the Narendra Modi government is also focusing on job creation in the country. Recently, the Ministry of Labor asked the EPFO to focus on promoting infrastructure and capacity building preparations for launching the Employment Linked Incentive (ELI) scheme.
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