Good news for employees! The Employees Provident Fund Organisation (EPFO) has started a new rule to make withdrawing PF after retirement easier. Many times, employees could not take money from their PF accounts because of administrative problems. To fix this, the EPFO has said that from now on, PF money will not be held back for any reason.
What is the new rule?
According to the new EPFO rules, if an employer does not deposit money in a subscriber’s PF account or there is any other problem, the subscriber will get a partial amount at retirement. The remaining money will be calculated and paid later. This step will help crores of employees.
Many employers do not deposit their share regularly or deposit less than required. Sometimes, the PF account from the old company is not transferred when changing jobs. Because of these reasons, employees face problems getting PF money after retirement. Earlier, PF authorities sometimes refused to pay the money.
To solve this, EPFO has sent special instructions to all regional offices. It is clearly stated that no subscriber’s full money can be withheld. The money in the account must be paid, and the remaining amount will be settled later.
Self-Certification facility
EPFO has introduced another new rule for subscribers’ convenience. Now, a subscriber can submit the ‘Transfer Certificate’ by himself. This certificate is needed to keep PF continuity when changing jobs. It shows all information, including PF balance, interest, and EPS/pension amount.
Earlier, the old employer had to send this certificate to the PF authority, which often caused problems. Now, the subscriber can get the certificate online from the ‘Member Portal’. This will reduce complications related to PF claims.
What should you do?
- Be proactive: Check your PF account regularly online.
- Update information: Transfer your PF account quickly when you change jobs.
- Know the rules: Stay informed about EPFO rules to protect your rights.
These new rules will help employees get their PF money easily, increase financial security, and reduce problems after retirement.
