PF money comes with new benefits PF 3.0

New Delhi, Nov. 30- EPFO plans to provide the facility of withdrawing money from the Provident Fund (PF) account through ATM.

PF, Money

Just as the Income Tax Department is planning to increase

The electronic facilities for Permanent Account Number under the name 'PAN 2.0', it is planned to provide additional facilities to the Provident Fund account of the workers under the name 'PF 3.0'.

While the workers and the management are currently contributing 12 percent of the monthly salary equally to the PF account, it is planned to remove only the upper limit on the amount to be contributed by the workers. That is, this will allow the workers to save more if they want, while the PF amount, which is safe and earns reasonable interest in the financial market.

Deadline ends today

Today is the last day to link PF, UAN and Aadhaar to avail the benefits of ELI, a job-linked incentive. Therefore, those who have not linked Aadhaar with their PF account must do so today.

The 2024 Budget has said that 20 lakh jobs will be created in the formal sector in two years through incentives. Accordingly, up to Rs 15,000 will be credited to the account of subscribers who join PF for the first time and earn less than Rs 1 lakh per month.

If the company fails to retain these employees for at least 12 months, the money will be refunded. Similarly, companies that hire additional employees will also be refunded a significant amount of the PF amount they pay as an incentive.

Even if the employee saves more than 12 percent in the PF account, there will be no change in the rule that the management has to pay 12 percent.

Also, it is planned to issue a card like a 'debit card' for the PF account. This will allow the subscriber to withdraw a part of the PF money and, after getting approval, to withdraw the amount from the ATM as per the requirement.

This facility is expected to be introduced in May or June next year.

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