PF money will not be earned from ATM, pension will be more on retirement!

EPFO Pension: There has been a demand from employee organizations for a long time to increase the amount of pension received under EPFO. Keeping this in mind, the Labor Ministry can allow more contribution to the member of EPFO for more pension.

EPFO Contribution Limit: If you are also a salaried class and PF is deducted from your salary every month, then this news is for you. Yes, steps are being taken by the government for the convenience of employees. On one hand, news is coming that the labor ministry is preparing to change the PF contribution. The effect of this will be that the pension of the employees will increase after retirement. Apart from this, it is also reported that the government is planning EPFO 3.0. Under this, many new facilities can be given to subscribers.

PF money will not be collected from ATMs!

In the report of CNBC Awaaz, it was claimed that the government can announce the plan of EPFO 3.0 in the episode of PAN 2.0. Under this, along with increasing the pension contribution of the employees, the employees can get the facility to withdraw PF money from the ATM. The Labor Ministry is planning to issue such cards for the convenience of PF subscribers, so that they will be able to withdraw PF money from ATMs in the coming time. This plan can be implemented by May-June next year.

Let us tell you that there has been a demand from the employee organizations for a long time to increase the amount of pension received under EPFO. Keeping this in mind, the Labor Ministry can allow more contribution to the member of EPFO for more pension. For this, the Ministry is considering making changes in the Employee Pension Scheme 1995 (EPS-95). At present, 12 percent of the base salary of the EPFO member is deposited in the EPF account. The employer also has to contribute the same. Of this, 8.33 percent goes to EPS-95, the remaining 3.67 percent is deposited in the EPF account.

If more contribution is made to the EPS-95 account, it will affect the pension in the coming time. Therefore, the option of allowing more contribution to EPS is being considered by the Labour Ministry. Employees may be allowed to contribute more to EPS-95 to increase pension under the change. Apart from improving social ban, the focus is also being given by the Modi government at the Center to create new job opportunities.

Some media reports also claimed that the government is considering removing the 12 percent limit applicable for PF contribution. Under this, many new facilities can be given to the jobber. It is being claimed that employees can be given the option to contribute according to their savings. Under this, employees will get the ultimate chance to deposit more than a limit money in the EPFO account. However, the employer's contribution will be fixed according to the salary.