Employees' Provident Fund Organisation meeting over ATM withdrawals, UPI likely next month
&imwidth=600&imheight=450&format=webp&quality=medium "Employees' Provident Fund Organisation meeting over ATM withdrawals, UPI likely next month")
Employees' Provident Fund Organisation Photograph: (Representational)
Employees' Provident Fund Organisation news: The EPFO central board can raise the minimum pension from Rs 1000 per month to Rs 1500-2500. The meeting might take place in October.
The Employees’ Provident Fund Organisation (EPFO), the nodal body that handles all matters linked to a person's provident fund, will likely discuss the EPFO 3.0 initiative, which is aimed at providing bank-like facilities for members. The new initiativewill enable PF account holders to use a chunk of their provident funds for making ATM withdrawals and UPI payments.
The meeting will likely take placeon October 10-11. The labour and employment minister, Mansukh Mandaviya, will likely chair the meeting. The agenda, however, is not yet finalised, reported ET.
The EPFO central boardcan raise the minimum pension from Rs 1000 per month to Rs 1500-2500.
The governmentmight roll out some benefits of the proposed initiative for nearly 80 million users before Diwali.
The decision will be taken in order to boost domestic consumption.
Earlier this month, the central government, to boost domestic consumption, lowered the Goods and Services Tax by eliminating the 12 per cent and 28 per cent GST slabs and placing the items in these categories in 5 per cent and 18 per cent tax brackets.
Trending Stories
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
&im=FitAndFill=(700,400))
)
)
)
&im=FitAndFill=(700,400))
)
)
&im=FitAndFill=(700,400))
)
)
&im=FitAndFill=(700,400))
)
)
&im=FitAndFill=(700,400))
)
Employees’ Provident Fund Organisation structure
EPFO's Central Board of Trustees makes decisions regarding the provident funds. It has representatives of employees, trade unions, the state government, and the central government as members.
The proposal to allow withdrawal from EPFO might be opposed by trade bodies as they contend that PF is meant to be a retirement corpus.
Under the Employees’ Provident Fund & Miscellaneous Provisions Act, account holders can claim money up to Rs 5 lakh for exigencies. They can apply on the EPFO portal. If approved, the money gets credited within three days.
PF advance can be claimed for purposes like marriage, illness, buying land for houses, buying houses, etc.