EPFO Update: The Employees’ Provident Fund Organization (EPFO) is going to launch its new digital service ‘EPFO 3.0’ soon. More than 8 crore employees of the country are expected to benefit from this new initiative. Economic expert Sanjeev Sanyal, a member of the Prime Minister’s Economic Advisory Council, has hinted at major changes in the EPFO. These changes will come into effect in 2025.
Key features of EPFO 3.0
Let us tell you that many facilities are available in EPFO 3.0. Under this new service, employees will get many digital options, including a mobile app, a digital dashboard, payment through UPI, etc.
Through these special services of EPFO, PF-related activities like withdrawing money, updating information, and claiming will become faster and easier than ever.
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Facility to withdraw PF from ATM and UPI
Let us tell you that EPFO will give its members a special ATM card that will be linked to their PF account. With the help of this card, they will be able to withdraw PF money directly from the ATM. At the same time, if a member connects his PF account to UPI, then he will also be able to transfer the PF amount to his bank account.
PF withdrawal rules on job loss
If an employee loses his job, he can withdraw up to 75% of the amount from the PF account after one month. With this, the remaining 25% can be withdrawn after two months. This facility has been given for financial help at the time of unemployment.
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What is the tax rule on withdrawing PF?
If an employee has worked for at least 5 years and then withdraws PF, then no income tax will be levied on them. These 5 years can be completed by working in the same or different companies. Just the total experience must be 5 years.