The new year 2025 is going to be very special for PF employees as well. EPFO has announced some major changes in the guidelines and policies for its crores of customers. Most of the major changes that EPFO has announced are expected to be implemented from January 1.
The retirement fund body is preparing to launch many new facilities for its customers. The purpose of the new rules of EPFO is believed to be to provide more convenience to PF account holders. You can know in the article below which rules EPFO is going to make big changes. This is going to end all your confusion.
How to withdraw PF money from an ATM?
EPFO has issued guidelines to issue an ATM card to provide more convenience to PF account holders. This will easily provide account holders the facility of 27/7 fund withdrawal. This ATM withdrawal facility is expected to start from the first month of the financial year.
After this, subscribers can do their withdrawal anytime in 24 hours. This will start saving a lot of time of the account holder. It takes about a week to 10 days for PF employees to receive their money. Then the facility of withdrawal will start being available in 24 hours.
There may be a change in the employee's contribution limit
Do you know that another big change is going to happen in the coming year. There is a possibility of change in EPF contribution limit. At present, employees work to contribute 12% of the monthly basic salary to the EPF account.
The government is considering allowing employees to contribute based on their actual salary in addition to the Rs 15,000 fixed by the EPFO. If EPFO allows more contribution to EPF, then more funds can be created.
Big update on EPFO IT system upgrade
You will be happy to know that EPFO is working to upgrade its IT infrastructure. This will work to allow PF claimants and beneficiaries to easily withdraw their deposits. It is expected that the upgrade will be completed by June 2025. Once the IT infrastructure is upgraded, the claims of the members will be settled faster than before.
