PF new rule: Goodnews for employees .. soon to withdraw PF through UPI!
It seems that employees are coming soon. The new PF rule is coming. This will benefit millions of salary employees across the country. Employees Provident Fund Organization (EPFO) is working to facilitate PF withdrawal for its customers. National media reports that PF customers may soon claim integrated payment interface through UPI.
EPFO Scheme
The EPFO has planned to start with its employee Provident Fund (EPF) with UPI platforms like Jeep, Phone Pay and Paytm. For this purpose, the EPFO National Payments Corporation of India (NPCI) is interacting to connect PF withdrawal with the UPI platform. According to reports, EPFO has prepared a blueprint for the plan. The objective is to start this facility as soon as possible.
Immediately for UPI ID
The program is intended to intensify the fund transfer process and make it easier for customers. The return process is currently done by bank transfer. It may take several days. The new system provides the facility of UPI -based transactions. PF allows users to transfer funds to UPI ID immediately. This decision will benefit those employees who require PF money in the event of emergency.
In the current financial year, EPFO has so far solved more than 50 million claims with more than 7.4 million customers. It has distributed Rs.2.05 lakh crore rupees.
PF money in terms of emergency
Any PF member can withdraw money for his spouse, parents, parents and children’s medical emergency. Employees who have served for at least 5 years are eligible to withdraw 90 percent of their PF balance for construction or purchase of a new house. Employees can withdraw at least 3 years of service to 90 percent of their PF balance to repay the home loan. Employees with PF member, at least 7 years of service for their brother -in -law or child marriage, can withdraw 50 percent of their stock.
