NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / Business News / Soon, you'll be able to withdraw your PF via ATMs
    Summarize
    Next Article
    Soon, you'll be able to withdraw your PF via ATMs
    Centre is planning to launch EPFO 3.0 plan

    Soon, you'll be able to withdraw your PF via ATMs

    By Akash Pandey
    Nov 29, 2024
    04:27 pm

    What's the story

    The Indian government is gearing up to launch the EPFO 3.0 plan, a major upgrade to the current provident fund system.

    According to CNBC Awaaz, the new initiative will bring several improvements for subscribers of the Employees' Provident Fund Organisation (EPFO).

    Among the proposed changes, the Labour Ministry is working on a system to enable PF withdrawals through ATMs by issuing cards. The service is likely to be launched by mid-2025.

    Flexible contributions

    EPFO 3.0 to offer flexible contributions

    The EPFO 3.0 plan may also lift the current 12% cap on employee contributions to their Provident Fund (PF) accounts, providing them more flexibility in deciding how much they want to contribute to their PF accounts according to their own savings preferences.

    The government's main aim with this change is to give subscribers more freedom to save.

    Despite the proposed changes, employer contributions will still be based on salaries, ensuring stability in the system.

    EPS-95 revamp

    Labour Ministry to revamp pension scheme

    The Labour Ministry is also mulling a revamp of the Employees's Pension Scheme 1995 (EPS-95), according to PTI.

    Currently, employees' full 12% contribution is directed to the EPF account, while 8.33% of the employer's share goes to EPS-95, and the remaining 3.67% to EPF.

    The report indicates that the ministry is exploring options to let employees contribute directly to EPS-95.

    This initiative could allow subscribers to increase their pension benefits under the revised framework, leading to improved retirement security.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    EPFO
    Indian Government
    Labour Ministry

    Latest

    'Jurassic World Rebirth': All we know about horrifying mutant dinosaurs Mahershala Ali
    IPL 2025, LSG defeat GT: How the Impact Players fared Indian Premier League (IPL)
    William O'Rourke's 3-fer helps LSG to victory over GT: Stats Gujarat Titans
    IPL 2025, Shahrukh Khan slams valiant 57 versus LSG: Stats Indian Premier League (IPL)

    EPFO

    Aadhaar seeding to eliminate multiple PF accounts Aadhaar Card
    Govt planning to keep PF rate unchanged at 8.65%: Reports Indian Government
    EPFO to announce provident-fund interest today: Here's all about it National Pension Scheme (NPS)
    PF interest reduction fallout of PNB scam: Mamata West Bengal

    Indian Government

    Modi government planning regulatory mechanism for monitoring FDIs Mauritius
    Will India participate in Champions Trophy? Rajeev Shukla gives update ICC Champions Trophy
    No new GST anti-profiteering investigations starting April 1, 2025 GST
    PM E-DRIVE: Modi government to issue certificates highlighting EV subsidies Electric Vehicles

    Labour Ministry

    Karnataka releases draft reservation policy Karnataka
    Your Provident Fund interest rate increased to 8.65% for 2018-19 EPFO
    Your Provident Fund rate raised to 8.65% for 2018-19 EPFO
    Government seeks SC/ST employee data from companies under EPFO EPFO
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025