The Employees’ Provident Fund Organization (EPFO) has declared that it would provide Rs 13.10 crore, including Rs 74.37 lakh for vacation houses, towards the welfare of its 15,529 workers spread over 145 offices in FY25.

A central pool (death relief fund) of Rs 2 crore has been set up, according to an EPFO circular.

The allocation for scholarships is Rs 94.25 lakh in the budget. 1.88 crore went for funding other initiatives. The benefit budget allotted for the OA-medical checkup is divided into two categories: Rs 1.27 crore for workers under 40 and Rs 3.97 crore for those over 40.

The organization has also set aside Rs 1.26 crore for keepsakes at each office, Rs 29 lakh for cultural events, and an additional Rs 61 lakh for the cafeteria.

Additionally, EPFO has issued a new regulation that states that an individual’s previous Provident Fund (PF) balance would be immediately transferred to their new employer upon job change.

Mansukh Mandaviya, the Union Minister of Labour, has said that EPFO members and subscribers are now able to withdraw up to Rs 1 lakh from their PF account, as opposed to the prior cap of Rs 50,000. The government has increased the one-time withdrawal limit from PF accounts and loosened requirements.

This week, the minister said that the government wants to improve EPFO operations and lessen subscriber difficulties.

In June of this year, EPFO gained 19.29 lakh net members, a 7.86 percent rise over the same month the previous year.

The Employee Pension Scheme (EPS), a component of EPFO, would provide benefits to over 78 lakh individuals via the Centralised Pension Payments System (CPPS), which was authorized by the Center earlier this month. From January 1, 2025, EPS retirees may get their pension from any bank, branch, or location in India.

The government will switch to the Aadhaar-based Payment System (ABPS) in the next stages.