Big changes ahead for working people are being prepared, how thePF front
Suspense Crime, Digital Desk : New rule of EPF: If you are a working person, this news may be beneficial to you. The Employees' Provident Fund Organization (EPFO) is about to release EPFO 3.0 for its millions of members. The process of withdrawal of PF balance will become very simple with this new system. This can be withdrawn from the ATM, which can be transferred using the UPI.
What is EPFO 3.0?
The new system that provides improvements and expansions to the services and process of the Provident Fund organization is called EPFO 3.0. With this system, there will be no delays in the processing of claims. This new process allows subscribers to withdraw the savings from their PF account through UPI or using a UPI supported ATM. Note that, the withdrawal request has to be applied by visiting the website or filling out the required application form in full or partial withdrawal. Once the claim is processed by the concerned authority, the amount is credited to the bank account within 15-20 days. There is no fixed timeframe.
By contrast, with EPFO 3.0, 50%-75% of EPF balance can be withdrawn by using UPI or an ATM supported by UPI, according to certain conditions. Subscribers will be able to view the amount available for EPF withdrawal, which would then be credited to the linked bank account. According to the information provided, users will need to link the bank account using their linked UPI PIN and send to their bank account from where money could be used as per their choice.
Has been tested, it will be soon launched.
According to Labor Minister Mansukh Mandaviya, the new feature has been tested, it would be soon launched by him. However, the launch date has not been revealed yet. Under the new rule, you will be able to see how much of your Provident Fund money can be withdrawn and will be transferred directly to your linked bank account, and you can do it securely with your UPI PIN.
