If you are a EPFO member, then this news is very important for you. Starting in February 2025, there will be updates to the rules governing withdrawals from the Employees’ Provident Fund Organization (EPFO). The new regulations aim to streamline the process for withdrawing PF, making it easier for account holders. Recently, EPFO announced that individuals can now self-update their PF accounts, allowing them to correct any errors independently. What other changes might we expect in the near future?
Will you be able to access PF funds via ATM?
There have been ongoing discussions about the EPFO launching a new ATM card. This card would enable employees to withdraw their PF funds with ease, similar to how they would take out cash from an ATM. An official announcement regarding the ATM card is anticipated by February.
As many know, PF contributions are deducted from employees earning a minimum salary of Rs 15,000. However, reports suggest that the new rules may also modify the deduction amounts, potentially allowing for withdrawals through ATMs.
Transferring your account and updating personal info just got a whole lot simpler! Recently, Union Labor and Employment Minister Mansukh Mandaviya shared some great news. Now, you can transfer your EPF account without needing your company’s help. Plus, if you’ve got any mistakes in your personal details—like your name or date of birth—you can fix those yourself without having to submit a correction request. How convenient is that?