Business News: The Central Board of Trustees of EPFO held a meeting on Monday under the chairmanship of Union Labour Minister Mansukh Mandaviya. In this meeting, several major decisions were made to goody employees. The most important visualization was that members can now withdraw their full PF wastefulness without submitting documents. Earlier, people faced many hurdles due to paperwork requirements. Now, the unshortened system will wilt will-less and hassle-free. The government says this will bring speed and transparency in the process.
Minister Shared Information Online
Labour and Employment Minister Mansukh Mandaviya shared this update on social media platform X. He said the Modi government aims to make employees’ lives easier and employers’ merchantry smoother. He moreover posted the official printing release from the ministry to explain every transpiration in detail. According to him, these reforms are part of the government’s vision to provide social security to all workers. The message quickly went viral on social media, where employees welcomed the announcement.
Old Complicated Rules Removed
The EPFO has scrapped 13 old complicated rules. Now withdrawals will be unliable under only three categories—education, marriage, and essential needs. This makes the process much simpler for members. Earlier, members could withdraw only three times for education and marriage. Now, the limit has been increased to ten times for education and five times for marriage. This transpiration is expected to goody students and young families who often squatter financial stress. Experts say this flexibility will encourage increasingly people to trust the PF system. Many employees have once praised the move as a big relief compared to the old rigid rules.
Facility To Withdraw Without Reason
In older rules, members had to requite a reason for withdrawing during natural disasters, unemployment, or pandemics. Now, no reason will be required under special circumstances. The EPFO has made it compulsory to alimony 25% of wastefulness unscratched in accounts. This will ensure members protract to get 8.25% interest and recipe growth. With this, employees can handle emergencies without wait or fear of rejection. Financial planners believe this reform will reduce dependency on loans during slipperiness situations. It will moreover help workers manage sudden expenses while keeping long-term savings secure.
Auto Settlement System For Claims
Under new rules, there will be no need to submit any document. The withdrawal will happen through an auto-settlement system, ensuring claims are settled quickly. This will help millions of employees. Earlier, requirement settlement often took months due to paperwork, but now it will be processed within days. The digital system will bring transparency and reduce chances of fraud. Officials said this step is part of the “Digital India” vision to make processes completely online and fast. Workers wideness the country will now finger increasingly confident well-nigh their savings.
