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Employees can soon get a good news, EPFO withdrawal card is under review – Times Bull

Employees can soon get a good news, EPFO withdrawal card is under review

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Major announcement for millions of government workers. Withdrawing the funds from the PF account involves a lengthy procedure. Often, it is quite challenging to access funds from it when the need arises. Even in an emergency, the funds are obtained within a limit only after a wait of 3 to 4 days. However, this chaos is about to be resolved shortly.

Government will alter several regulations concerning EPFO

Shortly, the government will alter several regulations concerning EPFO. Following that, you can take out funds from your PF whenever you wish. However, a cap will also be established for this. The government might shortly make a significant choice concerning EPFO. Media reports suggest that the government is contemplating raising the PF contribution cap within the EPFO 3.0 framework.

Discussion about introducing the EPFO withdrawal card for accessing PF funds

In addition to this, there’s also discussion about introducing the EPFO withdrawal card for accessing PF funds. Following the issuance of this card, EPFO members are able to retrieve PF funds directly from the ATM. This new regulation can take effect starting June 2025. Government bodies are urging the administration to streamline the procedure for withdrawing PF funds.

EPFO withdrawal card is under review

With this in consideration, the introduction of the EPFO withdrawal card is under review. Based on the details, this card will function similarly to an ATM card. You can use this card at an ATM machine; however, there will be a withdrawal limit for it. To ensure that some funds can be conserved for the future. This new regulation is anticipated to take effect starting June 2025.

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