The next phase of reform being done in EPFO will have many specialties. Now you will be able to withdraw PF (Provident Fund) money from ATM. You will get a separate ATM card for PF
Now you will be able to withdraw your PF money from ATM as well. The government is preparing to make large-scale changes in the system related to Provident Fund. Explaining what changes will be made in this, Laxman Roy of CNBC-Awaaz said that the next phase of reform being done in EPFO will have many specialties. Now you will be able to withdraw PF (Provident Fund) money from ATM. You will get a separate ATM card for PF. This plan can be implemented by May-June 2025.
It is worth keeping in mind that being able to withdraw PF money from ATM does not mean that you will be able to withdraw money from any ATM or bank. For this, you will be issued an ATM card by EPFO. EPFO will have an agreement with different banks for this ATM card. Under this agreement, you will be able to withdraw PF money from selected ATMs only. This facility can be available from May-June next year. In the next 6 months, you will be able to withdraw PF money from ATN.
Under a major change, now the 12 percent limit on employee’s contribution in PF can be removed and it can be increased. Currently, 12 percent contribution in PF is of the employee and 12 percent contribution is of the company. Now the employee can contribute as much as he wants. But the higher amount will go to your pension scheme. This scheme is called EPS. That is, you can say that now more contribution is possible in EPS.
The more contribution you make in EPS, the higher pension you will get. But it is important to keep in mind that the employer’s contribution in PF will be decided on the basis of salary only. The wage ceiling limit can be increased. Currently this limit is Rs 15000. Now this limit can be increased. This would also be a big thing for any EPFO member.