EPFO: EPFO Signed A Settlement With 15 New Banks; More Than 8 Crore Participants Will Get A Huge Advantage.
The Employees Provident Fund Organization has signed an agreement with 15 new banks to enhance offerings for its participants. Till now, the offerings have been to be had through the most effective banks; however, with the addition of recent banks, this wide variety has accelerated to 32. That is, now the scope has emerged as larger.
Union Labor and Employment minister R. Mansukh Mandaviya said that this may at once advantage crores of people associated with EPFO.
88. Seventy-eight crore human beings get this gain.
At present, greater than eight crore people are contributorsto EPFO,O, and there aremore than sseventy-ight lakh pensioners. In such a state of affairs, a total of 878 humans will get a direct advantage from this selection. Now they will be able to avail themselves of their pension and PF offerings from any bank. Earlier pensioners had to open accounts, most effectively in a few selected banks; however, now this compulsion has ended.
The Union minister said that the country's social protection is getting more potent beneath the management of high minister Narendra Modi. He stated that 10 years ago, social security insurance was 24%; however, now it has expanded to 48%.
EPFO goes to make another large exchange, due to which, with the aid of, or by june 2025, employees might be capable of withdrawing PF at once via UPI and ATM. which means now there could be no want to go through a protracted process. Until now, to withdraw PF, one had to post a web declare, which could take several days or weeks. But after the advent of the new machine, you may be capable of seeing your PF stability directly on the UPI app and transferring it to your financial institution account at once.
Facility to withdraw as much as Rs 1 lakh from UPI
Labor Ministry Secretary Sumita Dawra stated that EPFO is quickly working on a plan to link PF withdrawal as much as Rs 1 lakh with UPI. As soon as this facility starts, personnel will be capable of withdrawing their PF amount without any put-off.
This step of EPFO is a big exchange within the direction of virtual india in order to benefit crores of personnel and make their lives simpler.
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