EPFO is set to revolutionise the PF withdrawal process with e-wallet access and ATM withdrawals. Know about this employee-friendly initiative's latest updates, benefits, and expected rollout.
Starting in 2025, EPFO subscribers can withdraw their provident fund (PF) directly from ATMs. Know how this seamless feature works, its benefits, and the Ministry of Labour’s plans to modernise social security in India.
Provident fund big update: The Labour Ministry said it is upgrading its IT systems to enhance services to the country's massive workforce.
Reports suggest that the Union Labour Ministry is considering increasing employees’ pension contributions and issuing an ATM card, similar to a debit card, that will allow them to withdraw money directly from ATMs in the future.
There are many ways to check whether the interest amount has been credited in the PF account or not. The account holders can check the details by logging onto EPFO portal, UMANG app. They can also use missed call service and messaging service to know details.
PF balance: Don't remember your UAN number, but want to know your PF balance, no need to worry. Try this EPF missed call service to check your balance instantly without UAN Number.
EPFO provides the option to withdraw funds online. Here’s what you need to know about the steps for online Provident Fund (PF) withdrawal, required documents, and other details.
Financial Changes Effective April 1, FY 2024-25As the financial year 2023-24 draws to a close, significant financial amendments are poised to reshape personal finance from April 1, marking the beginning of the new fiscal year.
EPF account: There are total of 11 parameters which can be changed by an employee during his or her employment in their Employees’ Provident Fund account details.
The EPFO's apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday, a source said.
The EPFO said that although a several customers have had interest credited to their accounts, it might take some time for it to show up in their bank accounts.
The central government approved in July this year raising the interest rate on Employees Provident Fund (EPF) deposits to 8.15% for the financial year 2022–23.
The EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21.
EPF Interest Rate: It was in 2015 when the EPFO was first allowed to start investing in equities, but with a limit.
The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of Trustees has decided to provide 8.1 per cent rate of interest on Employees Provident Fund (EPF) for 2021-22 in its meeting held on Saturday, sources said.
At present, all those employees in the organised sector whose basic wage (basic pay plus dearness allowance) is up to Rs 15,000 per month at the time of joining service are mandatorily covered under EPS-95.
Asked whether EPFO would maintain the 8.5 per cent interest rate for 2021-22 as decided for 2020-21, Yadav, who also heads the CBT, said the decision would be taken on the basis of income projection for the financial year.
The Union power secretary Alok Kumar and agriculture secretary Sanjay Agarwal may soon be repatriated to their cadre state Uttar Pradesh where the CBI has sought sanction to investigate them in a Rs 2,268 crore PF scam, as per media reports.
Of the total 14.81 lakh net subscribers, around 9.19 lakh new members have come under the social security ambit of EPFO for the first time.
People with Employees' Provident Fund and Voluntary Provident Fund (VPF) contribution of over Rs 2.5 lakh per financial year will now have two separate PF accounts.
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