PF Claim New Rule: There is big news regarding your PF. The new PF rules can be implemented in the next 2 to 3 months, due to which you will be able to claim your money more easily.
PF Claim New Rule: PF account is necessary for all salaried employees of India as it makes arrangements for pension after retirement. Now big news has come on PF. The facilities of PF customers are taken care of by the Employees Provident Fund Organization (EPFO). A special service related to this can be started soon. This will directly benefit crores of PF customers of the country. EPFO is working on a new facility. Due to this, PF customers will be able to claim PF through Unified Payments Interface (UPI). This information has been given in a report by Financial Express.
PF customers can get new facility in the next 2-3 months
The new system will allow fund transfer to the linked UPI ID of PF customers. The report said that EPFO has already prepared a blueprint for UPI integration and is expected to implement this facility within the next 2 to 3 months.
Its purpose is to speed up the process of fund transfer. According to a report quoting an official source, EPFO is in discussions with the National Payments Corporation of India (NPCI) to integrate PF withdrawal with the UPI platform. This will allow PF subscribers to receive their PF amount instantly through digital payment apps like PhonePe, Google Pay, Paytm and BHIM App.
You will be able to withdraw your PF through ATM card
Apart from UPI based transactions, EPFO is also working on enabling PF withdrawal directly from ATMs. In an interview to news agency ANI, Labor Secretary Sumita Dawra said that EPFO subscribers will be able to withdraw their PF through ATMs by 2025. He said that the Ministry of Labor is in the process of upgrading the entire IT services. This will help employees across India registered with EPFO.
A report said that this system will be implemented across India in May or June next year. The central government may remove the 12% limit on employee contribution to PF. Sources say that employees may be given the option to contribute according to their savings and employees will be allowed to deposit an amount above the limit at any time.
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