What is EPFO 3.0? 5 key things you can expect
Top News
2 weeks, 5 days ago

What is EPFO 3.0? 5 key things you can expect

India Today  

Union Labour Minister Mansukh Mandaviya has announced that the Employees' Provident Fund Organisation is set to roll out its latest version, EPFO 3.0, an upgraded system designed to make fund management more convenient for subscribers. While inaugurating EPFO's Telangana zonal office and regional office in Hyderabad, Mandaviya mentioned that the upgraded system will bring EPFO’s services closer to a banking experience. KNOW THE KEY FEATURES OF EPFO 3.0 Facilitating ATM withdrawals: One of the major changes in EPFO 3.0 is that subscribers will soon be able to withdraw their provident fund directly from ATMs, just like a bank account. Quicker and faster services: The Union Minister mentioned that EPFO’s services are improving, with a pro-people approach, ensuring fewer complaints from users.

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History of this topic

Pensioners may soon be able to make EPFO claims via UPI: Labour secretary
Trending News
8 hours, 26 minutes ago

Pensioners may soon be able to make EPFO claims via UPI: Labour secretary

Hindustan Times  

The Employees' Provident Fund Organisation is set to integrate Unified Payments Interface to reduce transaction times and increase convenience. Under the Provident Funds and Miscellaneous Provisions Act, an employer and worker both are required to contribute 12% of a person’s basic salary towards a retirement-benefits corpus managed by the EPFO “Our next step is to incorporate UPI into the system," …

No more long queues! 5 reasons why EPFO 3.0 will transform your retirement plans
Trending News
2 weeks, 5 days ago

No more long queues! 5 reasons why EPFO 3.0 will transform your retirement plans

Live Mint  

Long queues, time-consuming documentation, rejections in requests, and constant delays, these are typically the images that come to mind when one considers taking advantage of your Employees' Provident Fund corpus in India. Union Labour Minister Mansukh Mandaviya made the announcement of the imminent arrival of EPFO 3.0, a revolutionary overhaul that will introduce banking-like convenience to EPFO subscribers in millions. …

Mansukh Mandaviya inaugurates new EPFO office in Hyderabad
2 weeks, 5 days ago

Mansukh Mandaviya inaugurates new EPFO office in Hyderabad

The Hindu  

The new building of the Employees’ Provident Fund Organisation Regional Office was inaugurated at Begumpet on Thursday by Union Minister for Labour and Employment Mansukh Mandaviya. Union Minister G. Kishan Reddy highlighted the administrative changes following the bifurcation of Telangana and Andhra Pradesh, stating that EPFO offices for both states have now been separated. Addressing concerns raised by Medak MP …

EPFO 3.0 will rollout soon, subscribers can withdraw funds from ATM: Union Minister
2 weeks, 6 days ago

EPFO 3.0 will rollout soon, subscribers can withdraw funds from ATM: Union Minister

India TV News  

EPFO 3.0 will rollout soon, subscribers can withdraw funds from ATM: Union Minister The services of EPFO 3.0 will allow an employee to carry out all transactions that are done in a bank. The Employees Provident Fund Organisation will soon launch the EPFO 3.0 version, which will allow subscribers to withdraw funds from ATMs, along with several other new features, …

EPF withdrawal via UPI and ATMs coming soon. All you need to know
3 weeks ago

EPF withdrawal via UPI and ATMs coming soon. All you need to know

India Today  

Many times, employees struggle with EPF withdrawals owing to frequent claim rejections. Hence, to streamline the withdrawals and make the process quicker, the government is planning to introduce EPF withdrawals via UPI. This new facility will allow EPF members to withdraw their savings instantly using UPI platforms like GPay, PhonePe, and Paytm. Moreover, the EPFO 3.0 initiative, including ATM withdrawals, …

PF UPI withdrawal rules: How to withdraw EPF money via UPI
3 weeks, 2 days ago

PF UPI withdrawal rules: How to withdraw EPF money via UPI

India Today  

The Employees' Provident Fund Organisation is working on a new feature that will allow its members to withdraw their PF money through UPI. Withdrawing PF money will become faster and smoother, with UPI integration, thereby benefitting countless EPFO members. STEPS TO WITHDRAW PF MONEY VIA UPI As of now, the option to withdraw PF through UPI is not available. NECESSITY …

EPFO keeps interest rates on PF unchanged at 8.25%
3 weeks, 5 days ago

EPFO keeps interest rates on PF unchanged at 8.25%

Hindustan Times  

New Delhi: The Employees’ Provident Fund Organisation, the state-run retirement fund manager, has decided to maintain the interest rate on provident-fund deposits for 2024-25 at 8.25%, keeping the widely watched metric of middle-class savings unchanged despite global financial uncertainties. The decision not to lower interest rates is a welcome move for the EPFO’s subscribers, for whom provident fund is often …

EPF withdrawal to become easy? Soon, you can take out money via UPI; Know about proposal, benefits
1 month ago

EPF withdrawal to become easy? Soon, you can take out money via UPI; Know about proposal, benefits

Live Mint  

EPF Withdrawal: The government is considering introducing the Employees Provident Fund claims settlement option via the United Payment Interface to ease the fund withdrawal process. The introduction of an EPF withdrawal facility via UPI or even ATM cards will ensure faster and easier access to savings. Like UPI payments, which have eased the payment process for people, EPF withdrawal via …

EPFO likely to maintain 8.25% interest rate on PF deposits
1 month, 1 week ago

EPFO likely to maintain 8.25% interest rate on PF deposits

India Today  

The Employees' Provident Fund Organisation is likely to keep the interest rate on provident fund deposits above 8% and more so around 8.25%, similar to the previous year. People familiar with the matter have hinted that EPFO’s investment and the accounts' committee will review the organisation’s income and expenditure for this financial year and suggest a rate that not only …

EPFO 3.0: New system brings exciting features from mobile app to ATM card for PF withdrawals
2 months ago

EPFO 3.0: New system brings exciting features from mobile app to ATM card for PF withdrawals

India TV News  

The Employees' Provident Fund Organisation is launching a revised system called EPFO ​​3.0 to improve the welfare of employees. This new system promises improved services, making it easier for members to manage their PF accounts and withdraw funds. New mobile app for easy access A new mobile app will be launched as part of EPFO 3.0. PF ATM card makes …

EPFO simplifies fund transfers, personal detail corrections for members
Trending News
2 months ago

EPFO simplifies fund transfers, personal detail corrections for members

India Today  

The Employees Provident Fund Organisation has now made the transfer of provident funds for its members more easy and streamlined with its new update. "To ensure ease of doing for its members, EPFO has simplified the process for the transfer of PF account on change of jobs wherein the requirement to route online transfer claims through either the previous or …

EPFO simplifies account transfer rules, employees can also correct personal details using Aadhaar number
2 months, 1 week ago

EPFO simplifies account transfer rules, employees can also correct personal details using Aadhaar number

The Hindu  

In a significant reform that would ease the burden on subscribers, the Employees Provident Fund Organisation has simplified the process of joint declaration on the EPFO portal by allowing employees to self-correct errors in their personal details such as name, date of birth, gender, nationality, father/ mother’s name, marital status, spouse name, date of joining and date of leaving. Dr. …

EPFO 3.0 launch date announced: Check ATM withdrawal feature, other details
2 months, 2 weeks ago

EPFO 3.0 launch date announced: Check ATM withdrawal feature, other details

India Today  

In a significant move for millions of Employees' Provident Fund members, the government is preparing to launch the highly anticipated EPFO 3.0 by June 2025. ENHANCED FEATURES AND ACCESSIBILITY Union Labour Minister Mansukh Mandaviya revealed that EPFO 3.0 will bring a host of features aimed at streamlining the EPF processes. A NEW ERA FOR EPF MEMBERS With these exciting changes …

EPFO members may soon withdraw PF from ATMs | Know who can draw money and how it works
2 months, 3 weeks ago

EPFO members may soon withdraw PF from ATMs | Know who can draw money and how it works

India TV News  

PF withdrawal from ATM: Good news for over 7 crore subscribers of the Employees' Provident Fund Organization! Soon, EPFO members will be able to withdraw their Provident Fund money directly from ATMs. EPFO ATM Card launch date According to Union Labor Minister Mansukh Mandaviya, EPFO ​​will introduce its state-of-the-art software system EPFO ​​3.0 by June this year. According to several …

EPFO withdrawal from ATM to become a reality soon. Here’s how it will work
2 months, 3 weeks ago

EPFO withdrawal from ATM to become a reality soon. Here’s how it will work

Live Mint  

Good news for over seven crore of the Employees’ Provident Fund Organisation subscribers. Members of the retirement fund body EPFO may soon be able to withdraw their provident fund money directly from ATMs after the settlement. EPFO ATM Card launch date EPFO will introduce its cutting-edge software system by June of this year, EPFO 3.0, according to Union Labour Minister …

EPFO 3.0 rollout by June, says Mansukh Mandaviya
2 months, 3 weeks ago

EPFO 3.0 rollout by June, says Mansukh Mandaviya

The Hindu  

Union Labour Minister Mansukh Mandaviya said in Delhi on Thursday that the Employees Provident Fund Organisation will launch its new software system EPFO 3.0 by June this year. Countering the Opposition’s charge of growing unemployment in the country, Mr. Mandaviya claimed that the employment has increased under NDA government when compared to UPA government. According to the Minister, employment in …

3 key EPFO rule changes in New Year 2025: What Provident Fund (PF) account holders need to know
2 months, 3 weeks ago

3 key EPFO rule changes in New Year 2025: What Provident Fund (PF) account holders need to know

Live Mint  

3 key EPFO rule changes coming in 2025: The Employees' Provident Fund Organization has made significant announcements regarding its rules and regulations affecting millions of subscribers. 1)EPFO and ESIC subscribers may soon use claim amounts via e-wallets Subscribers of EPFO and ESIC may soon be able to access their claim settlement amounts directly via e-wallets. 2) EPFO Extends Deadline for …

Labour ministry, RBI hold discussions to ease PF withdrawal
3 months ago

Labour ministry, RBI hold discussions to ease PF withdrawal

Hindustan Times  

The Union labour ministry has begun discussions with the Reserve Bank of India and other banks on rolling out new services for subscribers of the Employees’ Provident Fund Organisation, such as direct access to savings deposits through ATMs and e-wallets linked to bank accounts, an official said, requesting anonymity. The labour ministry has also proposed e-wallets where EPFO members will …

EPFO 3.0 launching March 2025 to allow withdrawals via ATM-like cards
Trending News
3 months, 1 week ago

EPFO 3.0 launching March 2025 to allow withdrawals via ATM-like cards

India Today  

The Employees’ Provident Fund Organisation is set to unveil its upgraded system, EPFO 3.0, by March 2025, with the goal of simplifying fund access and enhancing grievance redressal mechanisms for its members. According to Labour and Employment Minister Mansukh Mandaviya, the revamped digital platform will allow members to withdraw funds, check account balances, and resolve discrepancies with greater ease. One …

EPFO members may soon approve their own PF withdrawals: Report
3 months, 1 week ago

EPFO members may soon approve their own PF withdrawals: Report

India Today  

The Employees’ Provident Fund Organisation is planning to introduce a “self-approval” mechanism for subscribers to withdraw their provident fund money through an automated process. As part of this upgrade, subscribers will soon be able to intimate the EPFO directly about their withdrawal amount, instead of going through the existing manual checks by EPF officers. Sources also revealed that a digital …

The EPFO’s ATM plan is good but it must resolve its pension muddle first
3 months, 1 week ago

The EPFO’s ATM plan is good but it must resolve its pension muddle first

Live Mint  

The country’s principal manager of retirement savings for private-sector employees, the Employees’ Provident Fund Organisation, is working on a facility to let subscribers withdraw funds from their corpus through ATM cards, subject to a limit. While this would be welcome, the EPFO also finds itself being held responsible for a pension crisis that has put about 1.75 million retirees in …

EPFO to offer ATM withdrawals for savings, new features from Jan 2025: official
3 months, 1 week ago

EPFO to offer ATM withdrawals for savings, new features from Jan 2025: official

Hindustan Times  

New Delhi: The Employees’ Provident Fund Organisation subscribers will soon have easier access to their savings with new ATM withdrawal facilities. From January 2025, they will be able to withdraw funds up to a specified limit using an EPFO account-linked ATM card, along with other features to improve access, said an official on Saturday. EPFO subscribers will be able to …

EPFO key amendments: Now faster claims and more interest benefits for members
3 months, 1 week ago

EPFO key amendments: Now faster claims and more interest benefits for members

India Today  

The Employees Provident Fund Organisation has introduced major changes to provide financial relief and faster claim settlement for Employees Provident Fund members. KEY UPDATE ON INTEREST PAYMENTS EPFO announced that the Central Board of Trustees has approved an important amendment to paragraph 60 of the EPF Scheme, 1952. BENEFITS FOR EPF MEMBERS Speaking to The Economic Times, Puneet Gupta, Tax …

How PF withdrawal from ATMs could benefit you, starting in 2025
3 months, 1 week ago

How PF withdrawal from ATMs could benefit you, starting in 2025

India Today  

All servicemen and women with ensured PF accounts will likely be able to withdraw PF directly from ATMs without undergoing lengthy bank procedures. Dawra noted that more than 7 crore workers joined PF coverage since 2017, strengthening India's social security system. The Employees Provident Fund Organisation plans to link PF accounts to an ATM-compatible system, allowing subscribers to access their …

You can withdraw PF from an ATM starting 2025, announces labour ministry
3 months, 2 weeks ago

You can withdraw PF from an ATM starting 2025, announces labour ministry

Hindustan Times  

Starting next year, 2025, EPFO subscribers will be able to withdraw their Provident Fund through ATMs, Labour Ministry Secretary Sumita Dawra announced on Wednesday. The Employees' Provident Fund Organisation currently has over 70 million active contributors. Efforts to extend social security benefits to gig workers are in advanced stages, with a scheme being finalised to include benefits like medical coverage, …

EPFO Provident Fund withdrawals through ATMs: How does it work and what should you expect?
3 months, 2 weeks ago

EPFO Provident Fund withdrawals through ATMs: How does it work and what should you expect?

India TV News  

From 2025, Employees Provident Fund Organization customers will be able to withdraw their Provident Fund directly from ATMs, eliminating lengthy deposit procedures. This move is part of a larger effort to modernise India’s social security services: Enhanced convenience: Subscribers will no longer need to navigate tedious claim-filing procedures or wait for fund disbursal. Expanded social security coverage: Over 7 crore …

PF withdrawals via ATMs likely from 2025. How will it work?
3 months, 2 weeks ago

PF withdrawals via ATMs likely from 2025. How will it work?

India Today  

Starting January 2025, Employees’ Provident Fund Organisation subscribers may be able to withdraw their provident fund savings directly from ATMs. Labour Secretary Sumita Dawra told news agency ANI that the Labour and Employment Ministry is upgrading its IT systems to streamline PF withdrawals and improve service delivery. The government also reaffirmed its commitment to improving social security, including extending benefits …

Withdraw your PF directly from ATMs starting next year: Labour secretary
Trending News
3 months, 2 weeks ago

Withdraw your PF directly from ATMs starting next year: Labour secretary

Live Mint  

By Shailesh Yadav New Delhi, December 11 : The Labour Ministry is upgrading its IT systems to provide enhanced services to the country's massive workforce. Starting next year, EPFO subscribers will be able to withdraw their provident funds directly from ATMs, according to Labour Secretary Sumita Dawra. A claimant, beneficiary, or insured person will be able to access their claims …

EPFO 3.0: ATM Access To PF And Removal Of 12% Contribution Cap On The Cards: Report
3 months, 3 weeks ago

EPFO 3.0: ATM Access To PF And Removal Of 12% Contribution Cap On The Cards: Report

ABP News  

The Employees' Provident Fund Organisation is set to introduce a series of transformative features under its proposed upgrade, EPFO 3.0. These changes, aimed at enhancing accessibility and flexibility for members, include ATM-enabled withdrawals, removal of the current contribution cap, and pension conversion options, according to a report by ET Now. Key Highlights of EPFO 3.0 PF Withdrawals via ATMs: The …

EPFO 3.0 may allow ATM withdrawal of PF, scrap 12% contribution limit: Report
3 months, 3 weeks ago

EPFO 3.0 may allow ATM withdrawal of PF, scrap 12% contribution limit: Report

Hindustan Times  

The Employee Provident Fund Organisation is planning to upgrade to a new version called EPFO 3.0. This will include features like withdrawing provident fund money from ATMs, contributing more than the current 12% limit, and converting PF savings into a pension, ET Now reported. However, discussions regarding all of the new features and policy changes for EPFO 3.0 are currently …

New pension platform to ease payouts: Minister
4 months, 2 weeks ago

New pension platform to ease payouts: Minister

Hindustan Times  

The labour ministry will switch to a centralised pension-payment system from 2025, allowing retirees to receive monthly payouts from any bank or its branches in any location throughout the country, for which a large-scale test run was recently carried out. Mansukh Mandaviya The new platform for subscribers of the Employees’ Provident Fund Organisation, the state-run retirement fund manager, is aimed …

EPFO Raises PF Withdrawal Limit: New Rule Allows Higher Payout for Personal Needs
6 months, 1 week ago

EPFO Raises PF Withdrawal Limit: New Rule Allows Higher Payout for Personal Needs

News 18  

The Employees’ Provident Fund Organisation has raised the one-time withdrawal limit for provident fund accounts to Rs 1 lakh, doubling the previous limit of Rs 50,000. The EPFO manages the provident fund, pension, and insurance schemes for the organised sector employees in India, primarily through the Employees’ Provident Fund scheme. Mandaviya also announced another key update: the government has relaxed …

Centre to make EPFO pensions fully portable to ease payouts
6 months, 2 weeks ago

Centre to make EPFO pensions fully portable to ease payouts

Hindustan Times  

The Union government will roll out a centralised pension payment system for all subscribers of the state-run retirement fund manager, the Employees’ Provident Fund Organisation, which will enable bank and location portability, and eliminate the need to physically move payment orders, Union labour minister Mansukh Mandaviya has said. Under the reforms taking effect next year, the regional offices would not …

Centre launches EPFO overhaul amid growing complaints
7 months ago

Centre launches EPFO overhaul amid growing complaints

Hindustan Times  

New Delhi: The Union government has signed off on a plan to overhaul the Employees’ Provident Fund Organisation’s I-T infrastructure, among a slew of reforms, amid long-standing grievances of subscribers about its grueling processes. A modernisation drive, starting with migration to a new I-T system, has been launched after several rounds of reviews by senior officials led by Union labour …

EPFO bans Paytm Payments Bank: What changes for customers?
1 year, 1 month ago

EPFO bans Paytm Payments Bank: What changes for customers?

Hindustan Times  

The Employees Provident Fund Organisation action against Paytm Payments Bank will definitely impact customers. The EPFO which covers nearly 30 crore officers has asked officers to refrain from accepting claims linked to the bank accounts in the Paytm subsidiary What changes for EPFO subscribers who have accounts in Paytm Payments Bank? On action against Paytm Payments Bank, the central bank's …

Centre hikes EPFO interest rate for FY22-23 to 8.15%
1 year, 8 months ago

Centre hikes EPFO interest rate for FY22-23 to 8.15%

Op India  

On the 24th of July, the Union government announced a hike in the interest rate on deposits under the Employees Provident Fund scheme for the financial year 2022-2023. According to a circular issued on Monday, 24 July, the EPFO said the Ministry of Labour and Employment has conveyed the approval of the central government about the increased EPF interest rate. …

EPFO extends deadline to apply for higher pension till June 26
1 year, 10 months ago

EPFO extends deadline to apply for higher pension till June 26

Hindustan Times  

Employees' Provident Fund Organisation on Tuesday extended the date for filing applications to opt for a higher pension till June 26, 2023. Here's how to check your PF balance According to the statement by the ministry of Labour and Employment, the timeline for filing applications has been extended in order to provide a larger window of opportunity and in order …

As EPFO higher pension scheme deadline arrives, check eligibility, interest rate and other details
1 year, 10 months ago

As EPFO higher pension scheme deadline arrives, check eligibility, interest rate and other details

Hindustan Times  

The Employees’ Provident Fund Organisation has set May 3 as the last date to submit an application for higher pension under the Employees' Pension Scheme. Employees who became members before 1 September 2014 and continue to be one can apply for higher pension. Documents to submit Employees should share an agreement to allow the transfer of funds from the provident …

EPFO Fixes 8.15% Interest Rate On EPF For 2022-23
1 year, 11 months ago

EPFO Fixes 8.15% Interest Rate On EPF For 2022-23

News 18  

The Employees’ Provident Fund Organisation has fixed 8.15% interest rate on Employees’ Provident Fund for the financial year 2022-23. “The Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,” news agency PTI quoted a source as saying. The …

EPF Board meet pushed to March 27-28
2 years ago

EPF Board meet pushed to March 27-28

The Hindu  

The government on Monday announced the deferral of a meeting of the Employees’ Provident Fund Organisation board, where it is expected to finalise the EPF rate to be paid on crores of formal sector workers’ retirement savings in its custody for 2022-23. Chaired by Union Labour and Employment Minister Bhupender Yadav, the board of trustees of the EPFO was earlier …

EPFO Update: Know How To Get Higher Pension Under EPS. Check Guidelines & Eligibility Here
2 years, 1 month ago

EPFO Update: Know How To Get Higher Pension Under EPS. Check Guidelines & Eligibility Here

ABP News  

EPFO Update : Employees Provident Fund Organisation has opened a new window for subscribers who couldn’t opt for higher pensions earlier through guidelines issued on Monday. EPFO Update : Check the guidelines to be followed for applying for a higher pension The request will be made in such form and manner, as may be decided by the Regional Provident Fund …

EPFO asks PF members not to do these | Details here
2 years, 11 months ago

EPFO asks PF members not to do these | Details here

India Today  

The Employees Provident Fund Organisation has warned subscribers of the Employees' Provident Fund or popularly known as PF, of fraudsters. In a twitter post, EPFO said that it never asks personal details like Aadhaar, PAN, UAN, bank account, OTP over phone, social media, and Whatsapp. #EPFO never asks its members to share their personal details like Aadhaar, PAN, UAN, Bank …

EPF rate slashed from 8.5% to 8.1% for 2021-22, to hit savings
3 years ago

EPF rate slashed from 8.5% to 8.1% for 2021-22, to hit savings

The Hindu  

The return on workers’ retirement savings parked with the Employees’ Provident Fund Organisation has been slashed to 8.1% for 2021-22 from the 8.5% rate credited to EPF members’ accounts in the last two years. The EPFO’s income from investments this year stood at ₹76,768 crore from about ₹70,000 crore in 2020-21, when it had paid out 8.5% to EPF accounts. …

EPFO’s pension scheme likely to get a reboot
3 years, 1 month ago

EPFO’s pension scheme likely to get a reboot

Live Mint  

Retirement fund body Employees’ Provident Fund Organisation is toying with the idea of bringing out a new pension product for organised sector workers not covered under the Employees’ Pension Scheme, 1995. Public Provident Fund: PPF is a government-backed savings vehicle with quarterly fixed returns determined by the government. We showcase some of the key differences between NPS and PPF: National …

EPF online: EPFO recommends 6 simple steps to transfer provident fund (PF)
3 years, 3 months ago

EPF online: EPFO recommends 6 simple steps to transfer provident fund (PF)

Live Mint  

EPF online: Employees' Provident Fund Organisation has been taking different initiatives to simplify its services. EPF transfer online is one of the EPFO services that can be done online by logging in at the EPFO member portal. To make provident fund or PF account transfer online more simple, EPFO has suggested 6 simple steps from its official twitter handle. As …

Parliamentary panel to scrutinize EPFO corpus, benefit to workers
4 years, 5 months ago

Parliamentary panel to scrutinize EPFO corpus, benefit to workers

Live Mint  

The parliamentary committee on Labour is set to scrutinize the Rs10 trillion corpus under the Employees' Provident Fund Organization in its upcoming meeting and it will also look at the performance of the fund management and investments made. The standing committee on Labour, scheduled to meet on 21 October, is also planning to look at ways to make EPFO more …

EPFO Launches Facility for Bulk Transfer of Funds from Exempted Establishments
4 years, 5 months ago

EPFO Launches Facility for Bulk Transfer of Funds from Exempted Establishments

News 18  

Retirement fund body EPFO has launched a facility for bulk transfer of funds from exempted establishments through a single payment. “Apurva Chandra, Secretary launched a new facility of bulk transfer of funds and data from exempted trusts to EPFO through a single payment, during his first visit to EPFO headquarters, on 7th October, 2020,” a labour ministry statement said. EPFO …

EPFO Withdrawals Hit Rs 30,000 Crore as 80 Lakh People Dig Into Their Retirement Fund
4 years, 7 months ago

EPFO Withdrawals Hit Rs 30,000 Crore as 80 Lakh People Dig Into Their Retirement Fund

News 18  

Amid the COVID-19 outbreak, 80 lakh Employee Provident Fund Organisation subscribers have withdrawn as much as Rs 30,000 crore in less than four months starting from April. The amount withdrawn by EPFO subscribers exceeded the usual outgo recorded during the period, which could be due to layoffs, pay cuts and medical expenses, according to a report by The Economic Times. …

EPFO contributions reduced; gains in take home, employee cost
4 years, 10 months ago

EPFO contributions reduced; gains in take home, employee cost

Live Mint  

The Centre on Wednesday reduced statutory deductions on employees’ provident fund contributions for both formal sector employers and employees from the usual 12% each to 10%, for the May-July period. Existing social security laws make it mandatory for employees and employers to deposit 12% each, or 24% of the basic salary, plus housing allowance, as EPF deductions every month. It …

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