EPFO Latest News: There is news of great relief for PF account holders. Now soon withdrawing money from EPFO may become easier than before. EPFO has started testing the facility of PF withdrawal through UPI. For this, EPFO has also started testing with some banks. According to a report by Moneycontrol, this facility is expected to be launched by the end of December. However, its testing is still going on and the final launch date is yet to be announced.
You can withdraw PF money directly from UPI
After the launch of the new facility, EPFO subscribers will not have to go through the lengthy process to withdraw PF money. EPFO plans to link the UAN portal with the UPI account of the users. With this, the process of PF withdrawal can become easier and faster than before. At present, to withdraw PF, the employee has to make an online claim through the UAN portal. After the claim is approved, EPFO sends the money to the employee’s bank account. After this the employee can use that money. There are preparations to link these services with UPI in the new system.
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Preparation to launch new app also
According to the report, EFO may also launch a new app, which will be linked to the bank accounts of the subscribers. According to the report, this app can also be linked to BHIM and other UPI apps. Its purpose is to make PF related work and withdrawal of money easier.
Employees will not be able to withdraw full amount
Even after getting the facility to withdraw PF through UPI, employees will not be able to withdraw the entire money at once. Under the proposed system, up to 75 percent of the eligible PF balance can be withdrawn through UPI. At least 25 percent of the remaining amount will remain in the PF account. This money can be withdrawn for needs like education, marriage and household expenses. Tax-free interest will continue to be available on the amount remaining in the account. That is, PF withdrawal through UPI does not mean that the employee will be able to withdraw the entire amount whenever he wants. The prescribed rules and eligibility for withdrawal will remain applicable.
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PF salary limit also increased
Meanwhile, the government has increased the salary limit for contribution to PF from ₹15,000 to ₹25,000. This change has happened after 12 years. Union Minister Ashwini Vaishnav According to this, this decision has been taken in view of the increase in salaries and increase in employment in the organized sector. With this, about 51 lakh more employees can come under the scope of Mandatory PF coverage. Let us tell you that EPFO has about 30 crore subscribers, out of which about 7.5 crore are said to be contributing members. The total size of its fund is about ₹26 lakh crore.
Source: www.livehindustan.com
