EPFO Update – Ownership of PF Accounts EPFO frequently makes significant changes to the rules for its members. It is crucial to be aware of these changes to avoid any difficulties. A portion of an employee’s salary is deposited into PF accounts. The new rule changes will provide direct benefits.
The government may soon increase the minimum pension amount. It has now decided to reduce the age limit for pension withdrawals. The process of transferring PF funds after changing jobs has been simplified. This will ease any difficulties for employees. You can learn about the major changes made by EPFO below.
At what age can you withdraw your pension?
According to EPFO rules, pension withdrawals can now be made upon reaching the age of 50. Previously, this age limit was 58, but in a significant move, it has been reduced by 8 years.
Pension Claim Rules
Under the old rules, pension claims were quite difficult. It takes up to a month to get approval. Furthermore, the EPFO has decided to digitise most services. From filling out pension claim forms to claim approval, everything can be done online. Once this rule is implemented, all the stress of employees will be over.
PF employees will get this convenience when changing jobs
If you were working in a private company a few days ago, there would be no problem in changing jobs. The money in the other PF account will be automatically transferred upon changing jobs. Previously, this required frequent visits to the office, but now this will no longer be the case.
The pension limit has also increased.
The EPFO has also increased the maximum pension limit. Previously, this limit was ₹7,500, which has now been increased to ₹15,000. Therefore, if you have a high salary, you can receive a maximum pension benefit of ₹15,000 after retirement. Let us tell you that many of these changes are old, but pensioners should also know about them.