EPF 3.0: 5 EPF rule changes to expect in 2025
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What is EPF 3.0?
EPFO 3.0 is all set to improve the experiences of Employees' Provident Fund (EPF) members, according to various media reports. It is expected to focus on increasing accessibility, reducing processes, and introducing new capabilities to give employees more control over their retirement resources.
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ATM card for withdrawals
It is expected that EPF will issue an ATM card that functions like a debit card, according to various reports. The ATM card will allow employees to withdraw their EPF savings directly from ATMs, therefore, offering instant access to their savings, the reports stated.
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Digital process
The EPFO in 2025 will also aim to minimise paperwork and manual intervention for seamless account management and withdrawal processes, the reports suggested.
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Faster access to EPF contributions
With the new EPF withdrawal rules, employees may be able to access their EPF savings quickly with an ATM card. This way, they can take care of financial emergencies or unexpected expenses.
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Employee's contribution limit
According to reports, employees' EPF contribution cap will be eliminated. At the moment, workers fund the EPF account each month with 12% of their base pay. However, rather than using the Rs 15,000 set by the EPFO, the government is thinking of letting workers contribute according to their actual pay.
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Pensions from any bank branch
In September 2024, Minister of Labour and Employment of India Mansukh Mandaviya approved the centralised pension payment system (CPPS), which will enable 7.8 million members of the Employee Pension Scheme to take their pensions from any bank branch in India as of January 1, 2025.