In 2025, all PF account holders will be impacted by the new rules announced by the Employees Provident Fund Organization (EPFO). Significant updates have been introduced in the new EPFO rules 2021 for withdrawing PF, managing pensions fund and using online services. These changes will allow PF members to use more facilities and ensure a brighter future for them. When you have an EPFO account, this information can be useful for you.
New Rules For PF Withdrawal
From 2025 onwards, the process of withdrawing your PF money has been made much easier. Today, partial withdrawal can reach 75% and you can use this money for emergencies, buying property or school costs for your children. Individuals can now withdraw all of their funds at the age of 58. Furthermore, you need an Aadhaar card or PAN number to apply for withdrawal.
Alterations To The Pension System
EPFO has recently introduced some changes to the Pension Scheme (EPS). Now the minimum monthly pension is set at ₹ 3,000. From EPF to pension, the earning level has increased from ₹ 15,000 to ₹ 21,000. This will particularly help those who earn little income.
Growth Of Online Services
EPFO has improved its online offerings. Through the new portal, all members have easy access to the available services. Now, the facility of auto-claim settlement means that PF withdrawal claims can be settled within three days. Now, EPFO is offering all details on their mobile app too.
Change In Enrollment Process
It is now easier for employees to become a member of the EPFO. Nowadays, joining the company is as simple as registering through the self-service website. Automatically, your Aadhaar card data will be tied to your bank account. This facility will be very helpful for people working in small and medium-sized enterprises.
Emphasis On Regular Contribution
The EPFO has issued instructions that urge employees to make regular monetary contributions. Once a contribution has not been made within 3 months, the account will be regarded as inactive. You have to pay the remaining balance to restore your closed Google Ads account. Besides, joining a group of contributing members allows them to earn some extra interest.
Conclusion
These rules by EPFO have introduced several perks to employees. Having a simple process for withdrawing funds, a good pension plan and advanced services online will help members plan what lies ahead. If you are an EPFO member, find out about the new rules and fully benefit from your PF account. Sharing the right information and regularly participating will help secure the future.
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