Exciting updates for EPFO members! The Employees’ Provident Fund Organisation (EPFO) has announced significant changes to its regulations that will impact millions of subscribers. These new retirement fund policies are set to benefit employees across both government and private sectors.
1) EPFO and ESIC subscribers will soon enjoy e-wallet claim settlements
That’s right! EPFO and ESIC subscribers will soon have the convenience of receiving their claim amounts directly into e-wallets. Sumita Dawra, Secretary of the Ministry of Labour and Employment, shared that discussions are underway on how to facilitate this process. “We are in talks about how claims can be sent directly to wallets. We’ve started conversations with bankers and are working on a practical plan. We’re also reaching out to the RBI, and a plan will be in place soon.”
2) EPFO extends deadline for employers to submit pending pension applications
The EPFO has granted employers an additional extension until January 31, 2025, to upload any outstanding pension applications related to higher wages. They are also required to provide any missing or extra information in over 4.66 lakh cases by January 15, 2025.
3) EPFO introduces direct PF withdrawals via ATMs
Soon, EPFO members will have the ability to withdraw their Provident Fund (PF) money directly from ATMs following claim settlements. After submitting a claim, members will typically wait 7-10 days for the settlement, after which the funds will be transferred to their bank accounts.
