Till now this was the rule

Till now, members claiming PF had to upload a scanned copy of the check or the first page of their bank passbook to verify the account details. If the uploaded copy was unclear, it often led to a mistake or the claim was rejected.

Apart from eliminating the check upload rule, EPFO ​​has also removed the need for employer verification to link bank accounts. This means that members can now update their bank accounts directly through Aadhaar-based authentication, making the process even easier.

Government’s big decision on PF – you can get up to 5 lakh

EPFO has recently changed another rule. The Employees’ Provident Fund Organization (EPFO) has given a big relief to its crores of subscribers. Now any member will be able to withdraw up to Rs 5 lakh automatically from the EPF account through advance claim, that is, now there will be no need for manual verification to withdraw such a large amount.

What is the change?

Till now, EPFO ​​had kept the amount up to Rs 1 lakh under auto-settlement under advance claim (ASAC – Auto Settlement of Advance Claims). That is, if an employee withdrew an amount of Rs 1 lakh or less, it was approved directly. But for amounts more than Rs 1 lakh, manual verification was required, which made the process long and time-consuming. Now this limit has been increased to Rs 5 lakh.

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Apart from this, several amendments have been approved in the Employee Deposit Linked Insurance Scheme related to PF. The CBT meeting was concluded on Friday under the chairmanship of Labor and Employment Minister Mansukh Mandaviya.

On Friday, in a meeting of the Central Board of Trustees (CBT) chaired by Union Labor and Employment Minister Dr. Mansukh Mandaviya, it was recommended to deposit 8.25% annual interest rate on EPF deposits. Now after the notification of the Central Government, the interest rate will be credited to the accounts of EPFO ​​​​contributors.

Now the highest interest on PF

Before the meeting, it was feared that perhaps this time the interest rates might be cut. But this did not happen. Last year also 8.25 percent interest was received on PF. At present, the highest interest is being received on PF as compared to other savings schemes. The government had reduced the interest rate on PF from 8.5 to 8.1 percent in 2022. But in 2024, the interest rate was made 8.25 percent.

More interest than Sukanya Samriddhi Yojana

Currently, 7.1 percent interest is being given on Public Provident Fund (PPF). If money is deposited in the post office for 5 years, then 7.5 percent interest will be received. The same interest is given on Kisan Vikas Patra. The interest rate on term deposits up to three years is 7.1 percent. 8.2 percent interest is given on Senior Citizen Saving Scheme and Sukanya Samriddhi Yojana. 7.7 percent interest is given on National Saving Certificate. On the other hand, only 4 percent annual interest is being given on post office savings. In this respect, the interest being received on PF is the highest.

Even if there is a gap of up to two months in changing jobs, you will still get the benefit of EDLI

Many important amendments have been made in the Employee Deposit Linked Insurance (EDLI) in the CBT meeting. If an EPF member dies before one year of regular service, the nominee will get the benefit of life insurance of Rs 50 thousand. About 5 thousand families will benefit from this change.

If an employee dies within six months of the last PF contribution, he will also get the benefit of EDLI. But the condition is that the name of the member should not have been removed from the roll. Earlier such deaths were considered as out of service and the family did not get the benefit. More than 14 thousand families will get its benefit every year.

If there is a gap of two months between leaving one job and joining another, then it will be considered a regular job. This decision will provide EDLI benefits to one thousand families. Earlier, if there was a gap of one or two days between two jobs, the benefit of minimum 2.5 lakh and maximum 7 lakh rupees of EDLI was not given because the condition of one year of continuous service was not fulfilled. It is believed that these decisions of CBT will benefit 20 thousand families every year.

What is EDLI scheme?

Employee Deposit Linked Insurance (EDLI) is an automatic scheme linked to EPF. In this, all employees holding EPF accounts are covered. Under the EDLI scheme, the nominee is given the benefit of life insurance in case of death of an insured employee of EPF.

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