EPFO 3.0 Update: The Employees’ Provident Fund Organisation (EPFO) is set to undergo significant changes in the coming year in preparation for EPFO 3.0. Reports suggest that in this new version, employees will be able to withdraw their provident fund (PF) directly from ATMs.
To facilitate this, the EPFO is enhancing its IT infrastructure. If everything goes as planned, account holders could get this withdrawal card by June 2025. There is also some uncertainty over the withdrawal limit, which has been set up to ensure that employees can save for the future. Here is an overview of the anticipated changes.
What is the government’s strategy?
The government is reportedly considering an important decision related to the EPFO. Media sources suggest that there may be an increase in the PF contribution limit as part of the EPFO 3.0 initiative.
Additionally, there are discussions going on about the introduction of EPFO withdrawal cards, which will enable members to access their PF funds directly from ATMs. This new regulation may be implemented by June 2025.
How will this work?
Government agencies have been urging the administration to streamline the PF withdrawal process. In response, the introduction of an EPFO withdrawal card is being considered. This card will work just like an ATM card, allowing users to withdraw funds from their PF accounts at ATM machines.
However, there will be a specified limit on withdrawals to encourage savings for the future. This new rule is expected to come into effect by June 2025.
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