Employees' Provident Funds Scheme updated July 1 keeps 12% contribution
The Employees's Provident Funds Scheme just got a big update, effective July 1.
While your contribution rate (12%) and wage ceiling (₹15,000 per month) stay the same, there are fresh rules for nominations, payroll systems, and compliance.
These changes wrap up two years of EPFO reforms aiming to make things smoother for both employees and employers.
Some EPF nominations must be refiled
If you made an EPF nomination before, you'll need to re-file it if it doesn't match the new rules.
Employers will be running audits to help everyone stay compliant.
Partial withdrawals are now allowed after just 12 months of membership instead of five years in some cases.
Claim settlements are speedier too: down from 30 days to just 20 days.
Plus, if you're in an area with poor internet, physical claim submissions are back so you won't miss out.