According to a report by CNBC-Awaaz, the Employees Provident Fund Organization (EPFO) is going to make radical changes in the PM account withdrawal process. EPFO ​​will provide an ATM card to the PF holder just like banks. Money can be withdrawn with the help of this ATM. That means there will be no hassle of filling forms and no need to visit the office. The government is also considering abolishing the limit of PF contribution and increasing the PF limit under EPFO ​​3.0 version.

This facility will not be available at all ATMs. Under this facility, EPFO ​​will tie up with select banks. These ATM cards can be used only in those ATMs with which EPFO ​​has an agreement. This scheme can be implemented by May-June 2025. This new facility will be a big relief for PF account holders, allowing them to easily access their funds and also improve their pension. Currently, EPF members have to wait for 7 to 10 days to transfer the withdrawal amount to their bank account linked to the EPF account. This happens after completing all the withdrawal formalities and submitting the required documents to the EPFO.

Preparations are also being made to change the pension scheme

The government is also planning to remove the current limit of 12% of employee contribution in PF. Now employees will be able to contribute more as per their wish, which will also increase their pension. The money for higher contribution will go to EPS (Employees Pension Scheme), which will provide more pension in future.

There is also a consideration on increasing the salary limit. Currently, the wage ceiling for PF is Rs 15,000, which is being considered to be increased. Employees earning more than this salary will also get the benefit of this scheme. Along with this, the government is also planning to implement PAN 2.0. Now the new PAN card will come directly on the e-mail, which will make the process of making PAN fast and simple.

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The post New facility: No need to fill any form, PF money can be withdrawn easily without any hassle first appeared on Rightsofemployees.com.

Actually, if seen, PF is a kind of investment, which is very useful for us in future. PF accounts of employed people are opened by Employees Provident Fund Organization ie EPFO ​​and then a certain amount is deducted from the employee’s salary every month and deposited in these accounts and EPFO ​​also pays annual interest on this money. At the same time, you can also withdraw this money in the middle of the job or after leaving the job.

But the problem with many people is that their already linked bank account with PF account gets closed. In such a situation, they are not able to withdraw PF money. If you have this problem too, then you do not have to worry because we are going to tell you how to link your new bank account with your PF account.You can learn about this in the next slides…

• If for some reason you also want to link a new bank account with your PF account, you can
• For this you have to visit the official website of EPFO ​​unifiedportal-mem.epfindia.gov.in/memberinterface/
• After visiting the website, you have to enter the UAN number, password and captcha code given on the screen, which will login your account

• After login, you will see many options here, out of which you have to click on the managed option.
• Inside this you have to choose the option of KYC 
• Then here you have to click on the bank option you see.

• After this you have to fill all the details of your bank account here.
• Like- bank account number, bank name and IFSC code etc.
• Keep in mind that check the filled information once, so that nothing goes wrong.

• Now you have to click on the submit button
• Then after submission, the process of linking your bank account is approved by the HR department of your company and once approved, your bank account is linked to the PF account.

The post Bank account linked to PF account has been closed, so link new bank account like this sitting at home first appeared on Rightsofemployees.com.