This is for you if you belong to the salaried class and have PF withheld from your pay each month. Indeed, the government is acting to make things more convenient for workers. There is a rumor that the Labor Ministry is getting ready to alter the PF contribution, on the one hand. This will have the impact of raising employees’ pensions after they retire. In addition, there are rumors that the government is preparing EPFO 3.0. Many new facilities can be made available to subscribers under this.
You can withdraw PF funds from an ATM!
According to a report by CNBC Awaaz, the government can reveal the EPFO 3.0 plan during the PAN 2.0 series. Accordingly, in addition to raising the pension contribution of the employees, employees can get the facility of withdrawing PF money from ATMs. The Labor Ministry is planning to issue such a card for the convenience of PF subscribers, with which they will be able to withdraw PF money from ATM in the coming time. This plan can be implemented by May-June next year.
The amount of the pension is being demanded to be increased.
Let us inform you that employee organizations have long called for an increase in the amount of pensions provided under EPFO. In light of this, the Labor Ministry may permit EPFO members to contribute more to receive a larger pension. The ministry is thinking of amending the Employees’ Pension Scheme 1995 (EPS-95) to address this. At the moment, the EPF account receives 12% of the EPFO member’s base pay. The employer must contribute in the same way. Of this, 3.67 percent is placed into the EPF account, and 8.33 percent is allocated to EPS-95.
The amount of the pension will rise with more contributions.
If more contributions are made to the EPS-95 account, it will have an impact on the pension in the future. Therefore, the Labor Ministry is considering the option of allowing more contributions to EPS. Employees can be allowed to contribute more in EPS-95 to increase their pension under the change. Apart from improving social benefits, the Modi government at the Center is also focusing on creating new job opportunities.
According to some media reports,
the administration is also thinking about lifting the 12 percent cap on PF contributions. This allows for the provision of numerous new facilities to the employed. Employees may be offered the choice to make contributions based on their savings, it is said. Employees will be permitted to deposit additional money into their EPFO account under this arrangement. The employer’s contribution, however, will be set based on the employee’s pay.
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