New Delhi: If there is someone in your family who is a PF (Provident Fund) subscriber, this news will prove to be very valuable. New rules and regulations are currently being formulated for PF subscribers. Once implemented, these rules are expected to bring significant benefits to them. Good news emerged during a meeting held in Meerut, UP, between the EPFO and the Indian Industries Association.
It was announced at the meeting that workers might soon gain access to facilities like ATM cards. Software is currently being developed by the organisation to facilitate this; the service will be rolled out as soon as the software is ready. This will simplify the process of withdrawing money for all PF subscribers and is being viewed as a major transformation for the EPFO.
PF withdrawals via ATMs
The meeting revealed that work is underway to enable workers to withdraw PF funds using ATM cards following a software update. However, no specific date was announced for the launch of this service; the process is currently awaiting the completion of the software update. Information regarding PF withdrawal provisions was also shared with employees during the meeting.
Workers can easily withdraw up to 75 per cent of the funds from their PF accounts. Additionally, details were provided regarding provisions for PF withdrawals one year after leaving a job and withdrawals upon retirement.
Which districts in UP will benefit?
Did you know that several districts including Ghaziabad, Saharanpur, Muzaffarnagar, and Gautam Buddha Nagar fall under the jurisdiction of the Meerut office? It was reported that approximately 40 lakh employees in this region avail themselves of PF benefits. Currently, 6 lakh employees are actively employed. Information was also shared indicating that around 1 lakh employees in the Meerut region stand to benefit from the ₹25,000 scheme. Key Points Regarding PF
For your information, the new salary limit for EPF has been set at ₹25,000. Additionally, workers can withdraw their PF funds one year after leaving their jobs. Retirement: The facility to withdraw PF funds is also available after retirement.
