EPFO Big Update 2023: The Employees Provident Fund Organization, a system that manages retirement funds, has ordered its regional office to implement the Supreme Court’s order dated November 4, 2022, in which more pension options are available to eligible EPFO customers. . were instructed to do so.
EPFO Big Update 2023
Employees Provident Fund Organization Big Update 2023
In the circular issued by the Employees Provident Fund Organization on December 29, the Central Government has ordered the implementation of the directions of the Supreme Court. The Regional Offices have been asked to implement the directions contained in Para 44(9) of the Supreme Court judgment dated November 4, 2022, within the stipulated time frame. Along with this, the regional offices will also have to give adequate publicity to the decision taken by the EPFO.
Employees Provident Fund Organization Update: Pensionable salary limit has been increased
Earlier, the Supreme Court in its decision had upheld the Employees’ Pension (Amendment) Scheme 2014 in the Employees’ Provident Fund Organisation. The EPS revision (August 2014) increased the pensionable salary limit from Rs.6,500 per month to Rs.15,000 per month. In addition, EPFO members were allowed to contribute 8.33 per cent of their actual salary (if it exceeds the limit) to the EPS along with their employers.
In this, all Employees Provident Fund Organization members were given 6 months to opt for the revised scheme. The apex court in its order had given 4 more months to the eligible subscribers to opt for higher pension option under EPFO EPS-95.
When can you withdraw money deposited in PF account: EPFO Big Update 2023
After retirement, you can withdraw the money deposited in your EPFO account anytime. Apart from this, you can withdraw the full amount of your EPF even after 2 months of leaving the job. If you have lost your job and you are unemployed for 2 months, then even in such a situation you can withdraw the entire amount of PF. However, if you want to make partial withdrawal from PF while working, then you have to follow certain rules. The money deposited in the Employees Provident Fund Organization account is available within 3 to 7 days (working days) of the application.
Big update of EPFO: Employees Provident Fund Organization Big Update
Employees’ Provident Fund Organization (EPFO) has introduced several facilities for the convenience of pensioners. Through this, pensioners can do pension and many important work related to it sitting at home. Employees Provident Fund Organization has recently shared another information. It has been told what facilities are being given to the pensioners. If you also get pension, then it is important that you also know those information.
Facilities available to EPFO pensioners
- Online submission of pension claim. Pensioners can also submit claims through EPFO Member Portal or UMANG App.
- view pension passbook online
- Download Pension Payment Order (PPO) from DigiLocker
- Submission of digital life certificate sitting at home through Employees Provident Fund Organization mobile app
Employees Provident Fund Organization members get many facilities
Employees’ Provident Fund Organization (EPFO) provides the facility of EPF and EPS schemes to its members. Retirement fund is available on retirement under EPFO, while in EPS scheme, members get a fixed amount every month as pension on retirement. 12-12 percent of the employee’s basic salary and dearness allowance (Dearness Allowance) is deposited in the EPF account. But, the amount of 12 percent of the employer is deposited in two parts. Out of 12% contribution of the employer, 8.33% amount is deposited in the Employees Pension Account and the remaining 3.67% amount goes to the Employees Provident Fund Organization account.
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