EPFO 3.0: Employees can choose to invest in EPFO during their employment to maintain their current income in retirement. After retirement, a portion of the funds invested in EPFO is received as a pension. The regulations of EPFO are now subject to modification. Following implementation of this change, investors will see significant advantages, as the government is set to launch EPFO 3.0. Once it is put into effect, EPFO will undergo numerous rule changes. Following these modifications, investors will experience greater ease when withdrawing and investing their funds from the Provident Fund.
PAN 2.0 Project was recently revealed by the government
The PAN 2.0 Project was recently revealed by the government. Currently, there is a belief that the government may introduce the EPFO 3.0 Project. In this initiative, the government has the ability to modify numerous regulations in order to enhance the convenience of EPFO. After the modification of these regulations, numerous issues faced by investors will be addressed. This implies that investors will receive various advantages from EPFO 3.0. Workers will have the opportunity to raise their contributions to the pension plan as well.
The federal government has developed a plan to revise the pension plan (EPS-95). Employees will have the option to boost their current 8.33% contribution as well. The employer’s contribution will remain the same. It must be provided based on the employee’s salary. Workers are able to add more money to the contribution and pension fund whenever they want (top-up). Employee awareness about PF benefits will be increased by enhancing the interactivity of the portal.
EPFO 1.0: Manual account maintenance was carried out. Paperwork was used for both submitting applications and making withdrawals.
EPFO 2.0: The Employee Provident Fund Organization has transitioned into a digital platform. Internet platform feature. Workers were given a Universal Account Number (UAN).