PF New Rules: PF account is necessary for all salaried employees of India because it makes arrangements for pension after retirement. Now big news has come on PF. The facilities of PF customers are taken care of by the Employees Provident Fund Organization (EPFO). A special service related to this can be started soon.
Crores of PF customers of the country will directly benefit from this. EPFO is working on a new facility. Due to this, PF customers will be able to claim PF through Unified Payments Interface (UPI). This information has been given in a report of Financial Express.
PF customers can get new facility in the next 2-3 months
The new system will allow fund transfer to the linked UPI ID of PF customers. The report said that EPFO has already prepared a blueprint for UPI integration and is expected to implement this facility within the next 2 to 3 months.
Its aim is to speed up the process of fund transfer. According to the report quoting an official source, EPFO is in discussions with the National Payments Corporation of India (NPCI) to integrate PF withdrawal with the UPI platform. This will allow PF customers to receive their PF amount instantly through digital payment apps like PhonePe, Google Pay, Paytm and BHIM App.
You will be able to withdraw your PF through ATM card
Apart from UPI based transactions, EPFO is also working on enabling PF withdrawal directly from ATM. In an interview to news agency ANI, Labor Secretary Sumita Dawra said that EPFO subscribers will be able to withdraw their PF through ATM by 2025. She said that the Ministry of Labor is in the process of upgrading the entire IT services. This will help employees across India registered with EPFO.
A report says that this system will be implemented across India in May or June next year. The central government may remove the 12 percent limit on employee contribution to PF. Sources say that employees can be given the option to contribute according to their savings and employees will be allowed to deposit amounts above the limit at any time.
