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EPFO 3.0: The central government is preparing to make a big change in the Provident Fund system of India. By mid-2025, EPFO subscribers will have the facility to withdraw PF money from ATMs through debit cards. However, there will be a limit on this withdrawal, so that along with withdrawing money in an emergency, there can be good savings for retirement as well. These initiatives are part of the government’s ambitious EPFO 3.0 plan. The government wants to give employees more control over their savings. In EPFO 3.0, the government wants to give many facilities to the employees.
The limit on PF contribution may be removed.
According to reports, the government can remove the 12 percent limit on employee contribution to PF. In this, employees can be given the option to contribute according to their savings. With this, employees can create a big fund by depositing more amount in PF. At the same time, the employer’s contribution will be decided according to the salary. At present, employees have to deposit only 12 percent of their basic pay in PF. At the same time, employees can contribute moreton EPFO 3.0.
PF money will be withdrawn from the ATM
In EPFO 3.0, employees will get the facility to withdraw PF money through ATM. At present, employees have to apply for partial withdrawal. Currently, employees can withdraw PF money only under certain circumstances. Employees can withdraw PF money through the EPFO website ( https://www.epfindia.gov.in ) or the Umang app. Employee organizations have been demanding to increase in the pension amount in EPF for a long time. Now work is expected to be done on increasing the pension amount in EPFO 3.0. Crores of employees will benefit from this initiative of the government.
