The EPFO has announced some relief for millions of employees across the country. The EPFO is preparing to fully automate the transfer of PF funds directly to employees’ bank accounts. Once implemented, employees will be able to access their PF funds…
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EPFO New Rules: EPFO has announced some relief for millions of employees across the country. The EPFO is preparing to fully automate the transfer of employees’ PF directly to their bank accounts. Once implemented, employees will no longer have to go through a lengthy process to withdraw their PF funds; instead, all PF funds will be transferred directly to their bank accounts.
According to media reports, the EPFO currently automates advance claims up to ₹5 lakh and some PF settlements. The department is also planning to integrate final PF settlements into this process. This initiative by the EPFO aims to provide hassle-free access to PF funds to employees. Approximately 70 million PF account holders will benefit from this.
EPFO’s Central Provident Fund Commissioner, Ramesh Krishnamurthy, stated that the EPFO will soon implement this feature. He explained that an employee’s PF account will be automatically transferred upon changing jobs. There will be no need to fill out a separate application form for this.
Under EPFO-3.0, the facility to withdraw PF funds through ATM and UPI will also be launched soon. Account holders will be given a special ATM card, which will allow them to withdraw PF funds easily.
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