New Delhi. Withdrawing money from Provident Fund is going to be as convenient as withdrawing money from your bank account. The government is going to make a big change in the system related to Provident Fund.
According to a report by CNBC-Awaaz, the Employees Provident Fund Organization (EPFO) is going to make radical changes in the PM account withdrawal process. EPFO will provide an ATM card to the PF holder just like banks. Money can be withdrawn with the help of this ATM. That means there will be no hassle of filling forms and no need to visit the office. The government is also considering abolishing the limit of PF contribution and increasing the PF limit under EPFO 3.0 version.
This facility will not be available at all ATMs. Under this facility, EPFO will tie up with select banks. These ATM cards can be used only in those ATMs with which EPFO has an agreement. This scheme can be implemented by May-June 2025. This new facility will be a big relief for PF account holders, allowing them to easily access their funds and also improve their pension. Currently, EPF members have to wait for 7 to 10 days to transfer the withdrawal amount to their bank account linked to the EPF account. This happens after completing all the withdrawal formalities and submitting the required documents to the EPFO.
Preparations are also being made to change the pension scheme
The government is also planning to remove the current limit of 12% of employee contribution in PF. Now employees will be able to contribute more as per their wish, which will also increase their pension. The money for higher contribution will go to EPS (Employees Pension Scheme), which will provide more pension in future.
There is also a consideration on increasing the salary limit. Currently, the wage ceiling for PF is Rs 15,000, which is being considered to be increased. Employees earning more than this salary will also get the benefit of this scheme. Along with this, the government is also planning to implement PAN 2.0. Now the new PAN card will come directly on the e-mail, which will make the process of making PAN fast and simple.
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