EPFO Implements New Rule: Check How Lakhs Of Employees Will Benefit

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From now onwards, the EPFO has promulgated a new regulation beneficial to lakhs and even lakhs of its employees spread all over the country. With the intention of providing an alternative avenue from the existing complex methods to a hassle-free environment, financial security levels would also be improved so that workers find it easy to administer the provident fund (PF) account managements.

What Is New EPFO Rule?  

EPFO has eased the rules regarding updating of personal details and withdrawing PF money guidelines, facilitating matters for employees. Following are the major modifications:  

  1. Easiest Way of PF Withdrawals via UPI & ATM: The employees may be able to withdraw their PF balance by using UPI and ATMs, therefore providing simpler funding solutions.  
  2. Update Personal Details Without Documents: Employees are now enabled to change their Name, Date of Birth (DOB), and other details in the EPFO portal using their Aadhaar Linked UAN as against the previous requirement of extensive documents.  
  3. High Pension Benefits: EPFO revised the pension rules, if an employee so desires to convert the entire PF amount into pension, he or she can ensure reliable financial security in the post-retirement phase.  
  4. Increase in EPF Interest Rate: Discussions concerning the possible increase in the EPF interest rate continue, which will directly benefit account holders.  

Who Will Benefit From This Change?  

The above change in rules is for:  

  • Salaried employees contributing to the EPF.  
  • Retired employees who seek better pension benefits.  
  • People with issues in updating personal details in the EPFO portal.  
  • Workers requiring funds for emergencies and having quicker and easier PF withdrawals.  

Why Change This?

The changes have done the following for the EPFO:  

  • Simplify account management and reduce paperwork.  
  • Ensure faster access to funds by employees in their extreme needs.  
  • Pension benefits further enhanced for retirees.  
  • Make seamless financial transactions through digital payment forms such as UPI.  

How To Benefit from This Rule Change?  

It can be done by the employees by:  

  • Associating their UAN with Aadhaar for free document updates.  
  • Visit the EPFO portal often for the latest updates in PF withdrawal over UPI.  
  • Ensure accurate details in their EPF account easy processing for pension.  

Conclusion 

This latest EPFO rule change will benefit lakhs of employees, making PF management very easy and smoother. With simplified processes, improved pension avenues, and digital withdrawals, this marks a significant leap in the players’ financial security.

Also Read: Big Pay Raise For State Workers! New Salary RS 30,300 Announced

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