EPFO (Employees’ Provident Fund Organization) has implemented 5 new rules for employees and pensioners, which will make their future more secure. Major changes have been made, like an increase in interest rate, an improvement in a pension scheme, a faster withdrawal process, and ease of KYC update. These new rules will give higher returns to EPF account holders and will help pensioners in financial security. If you are a member of EPFO, then these changes can prove beneficial for you. Let us know about these 5 major changes in detail.
Overview Table
| Description | Information |
|---|---|
| Name of Institution | Employees’ Provident Fund Organisation (EPFO) |
| New announcements | 5 important rules apply |
| Beneficiary | Employees and Pensioners |
| Major changes | Pension, Withdrawal, Interest Rates, KYC Process, Online Services |
| Effective date | Effective from 2024 |
| EPFO Official Website | https://www.epfindia.gov.in |
EPFO issued 5 new rules, relief to employees and pensioners
EPFO (Employees’ Provident Fund Organization) has issued 5 new rules , which have brought great relief to employees and pensioners. With these rules, EPF account holders will benefit from more convenience, a faster withdrawal process, and an increased interest rate.
If you are an EPF account holder or are associated with EPS (Employee Pension Scheme), then these changes are very important for you.
What are the 5 new rules of EPFO?
1. Increased interest rate on EPF account
EPFO has announced an increase in the interest rate . Earlier, 8.10% interest was available on EPF accounts , which has now been increased to 8.25% .
- This will provide higher returns on employees’ savings .
- This increased interest rate will be applicable from the financial year 2023-24
2. Big change in pension scheme (EPS Update)
EPFO has made important changes in the Employee Pension Scheme (EPS) , which will benefit pensioners.
- A new formula for pension calculation has been implemented.
- Now under the Higher Pension Scheme, the possibility of employees getting more pension has increased .
- EPS-95 pensioners have also been given relief , which may increase their pension payments.
3. EPF amount withdrawal process became easier
Now the EPF withdrawal process has been made more simple .
- The online claim process has been expedited , now the money will be credited to the account within 3-5 days.
- The requirement of KYC verification has been simplified so that people will have to provide fewer documents.
- The limit of partial withdrawal has been increased , so that employees can withdraw more money in case of any emergency.
4. KYC update is now automatic
EPFO has automated the KYC process of EPF accounts .
- Now bank, Aadhar and PAN linking has been made easy .
- EPF account holders will not need to update KYC repeatedly .
- A new helpline service has been started to solve problems related to KYC .
5. Major improvements in online services
EPFO has made several new improvements in its online portal and mobile app .
- Now EPF passbook can be downloaded instantly .
- Balance check, status tracking and updates can be done easily in EPF .
- The server has been upgraded on UMANG app and EPFO portal , due to which the website will now work faster.
How to take advantage of the new EPFO rules?
- Interest Rate Update – EPF account holders will get the benefit of new interest rate of 8.25% , which will be automatically added to the account.
- Apply for Higher Pension Scheme – If you want to increase EPS pension , then apply on EPFO portal.
- Update KYC for faster withdrawal – Visit EPFO website to check KYC status and update the correct information.
- Use online services – Get your account information from EPFO’s UMANG app or portal .
- For information on the new rules, visit the official website of EPFO .
Who will benefit from the important changes related to EPFO?
- Government and private sector employees
- EPF account holders
- EPS-95 Pensioners
- Employees doing retirement planning
Useful Knowledge
- EPFO interest rates are updated every year , so EPF account holders should check interest updates.
- There is a time limit to apply for Higher Pension Scheme , so apply on time.
- For EPF withdrawal, UAN (Universal Account Number) and KYC must be updated.
- Online services can be availed from UMANG app and EPFO portal.
FAQs (Frequently Asked Questions)
Question – Will the new interest rate be applicable to all EPF account holders?
Answer – Yes, the new interest rate of 8.25% will be applicable to all EPF account holders.
Question – How much time will it take to withdraw money from EPF now?
Answer – As per the new process, EPF withdrawal will be completed in 3-5 days.
Question – Can all employees avail the benefit of Higher Pension Scheme?
Answer – Only those employees who have contributed to EPS can avail the benefit of this scheme.
Question – What to do for KYC update?
Answer – Now KYC update will be automatic , but if the information is wrong then you can update the correct information by visiting the EPFO portal.
Question – Where can I access the new facilities of EPFO?
Answer – You can avail these facilities from EPFO website https://www.epfindia.gov.in and UMANG app .
Disclaimer
This article is written for informational purposes only. Always visit the official website of EPFO https://www.epfindia.gov.in for official information related to EPFO. Any changes in the rules can be made by EPFO, so check government sources regularly to stay updated.
conclusion
The 5 new rules issued by EPFO have brought great relief to employees and pensioners . Now EPF account holders will get more interest, pension will be improved, withdrawal process will be faster and online services will be better. If you are a member of EPFO, then take advantage of these changes as soon as possible.
