If you are also a salaried person and PF is deducted from your salary every month, then this can be big news for you. Steps are being taken continuously by the government for the convenience of the employees. It is reported that the Ministry of Labor is preparing to change the PF contribution. The benefit of this will be that the pension of the employees will increase after retirement. Apart from this, the government is also planning EPFO 3.0 in the series of PAN 2.0. Through this, subscribers can get many new facilities.
In the coming time, they will be able to withdraw PF money from ATM
According to the information received, the government can announce the plan of EPFO 3.0. Under this, along with increasing the contribution of employees in pension, employees can also get the facility of withdrawing PF money from ATM. For the convenience of PF subscribers, the Labor Ministry is planning to issue such a card, through which they will be able to withdraw PF money from ATM in the future. Possibly this plan can be implemented by May-June next year.
Consideration is also being made to make changes in the Employees Pension Scheme 1995
Let us tell you that for a long time, there has been a demand from the employee organizations to increase the amount of pension received under EPFO. In view of this, the Labor Ministry can allow EPFO members to increase the contribution for more pension. For this, the Labor Ministry is also considering making changes in the Employees Pension Scheme 1995. For information, let us tell you that currently 12 percent of the basic salary of the EPFO member is deposited in the EPF account and the employer also has to make the same contribution. Out of this, 8.33 percent goes to EPS-95, the remaining 3.67 percent is deposited in the EPF account.
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The government is considering removing the limit of 12 percent
According to the information, the government is considering removing the limit of 12 percent applicable for PF contribution. Under this, many new facilities can be given to the employed. In this, employees can be given the option to contribute according to their savings. Under this, employees will be allowed to deposit more than a limit in the EPFO account. The important thing is that in this the employer’s contribution will be decided according to the salary.
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