EPFO 3.0: There is good news for people working in the private sector. The government is going to give some new benefits to about 8 crore EPFO members before Diwali. The minimum pension of EPFO can also be increased, which is currently Rs 1,000 per maina. Trade unions have demanded a long time to increase it. According to the ETE report, EPFO will consider a new plan called EPFO 3.0 next month to make its facilities easier.
The Central Board of Trustees of EPFO will hold a meeting from 10 to 11 October, which will be chaired by Labor and Employment Minister Mansukh Mandavia. This board is the biggest decision -making institution in EPFO which includes employees, employers, state and central government representatives. Trade union can oppose EPFO’s plan in which employees are allowed to remove some part from their PF first. They believe that the amount of PF is deposited for retirement and it should be withdrawn only in very important cases.
minimum pension
It is not yet clear which issues will be raised in the meeting. But before Diwali, the government is going to give some new benefits to EPFO members, so that it will not be difficult to spend them. Inside this scheme, people will be able to withdraw some money from their PF account through ATMs and will also be able to send money from UPI. The Central Board of Trustees of EPFO can also consider increasing the minimum pension, which is currently Rs 1,000 per month. Trade unions have demanded a long time to increase it from 1,500 to 2,500 rupees.
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Under the Employees Provident Fund and Miscellaneous Provisions Act, there is a facility to withdraw up to Rs 5 lakh in auto claim facility for essential works like marriage, disease, studies and home building under Miscelllaneous Provisions Act. This money comes to the bank account within three days. This process takes two-three days and money is sent through NEFT or RTGS. The suggestion to withdraw money directly from ATM is also part of EPFO’s reforms.
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