Latest news with #EPFO
The Hindu
4 hours ago
- General
- The Hindu
EPFO outreach programme held in Salem
The Nidhi Aapke Nikat (PF near you), the monthly district outreach programme of EPFO, was conducted by the regional office in Salem and district offices in Erode, Namakkal, Dharmapuri, and Krishnagiri districts recently. In the programme, Pension Payment Orders (PPOs) issued under the special campaign for settlement of death claims were handed over to beneficiaries/family members of the deceased members. The officials intimated that any beneficiaries/nominees of the deceased EPF members who are yet to get the statutory benefits under the EPF Act and scheme may approach the regional office in Salem or concerned district offices for suitable guidance to avail the benefits.
News18
6 hours ago
- Business
- News18
EPFO 3.0: When Will PF Withdrawal Via UPI, ATM Begin? All You Need To Know
Last Updated: One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed. In a significant step towards enhancing funds accessibility for salaried employees, the Employees' Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access. What is EPFO 3.0? EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface. How Will ATM and UPI Withdrawals Work? Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance. Benefits of Digital Withdrawals Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians. Implementation Timeline and Future Outlook As per the DD News report, the launch of EPFO 3.0 is anticipated in June 2025, though an official confirmation of the date is pending. A phased rollout or pilot testing in select regions may precede nationwide implementation. This development is likely to impact over six crore EPF account holders across India. First Published:
Time of India
15 hours ago
- Business
- Time of India
Deadline to activate UAN for EPFO's ELI Scheme extended again; Check new last date, how to activate your UAN and avail benefits
Employees can activate their UAN through the EPFO portal using an Aadhaar-based OTP. This activation is mandatory to claim monetary benefits under the ELI scheme announced in the Union Budget 2024. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads What is UAN? How to activate EPF UAN through Aadhaar-based OTP? Why employees must do this? The Employee Provident Fund Organisation ( EPFO ) has extended the deadline for UAN activation and seeding of your bank account with Aadhaar for availing of the benefits under the Employment Linked Incentive (ELI) Scheme. UAN stands for Universal Account Number. The UAN helps Employee Provident Fund (EPF) member to track different EPF account numbers with different organisation with the help of single last date to activate UAN and Aadhaar seeding in bank account under ELI SchemeThe last date to activate UAN and Aadhaar seeding in bank account is June 30, 2025. The deadline has been extended multiple times to the EPFO circular issued on May 30, 2025, 'Please refer to the circulars mentioned under references. In this connection, the competent authority has granted an extension of timeline for UAN Activation and AADHAAR seeding in Bank Account till 30th JUNE, 2025. 'The UAN is a 12-digit number assigned by the Employees' Provident Fund Organisation to every eligible salaried employee. It serves as a single point of access for managing their PF accounts across different employers throughout their career, enabling them to track and access their provident fund balances under one umbrella to a PIB release on November 21, 2024, employees can complete the UAN activation process using an Aadhaar-based OTP (One-Time Password). Here are some simple steps for employees to activate their UAN to avail ELI scheme benefits:Step 1: Go to the EPFO Member 2: Click on the "Activate UAN" link under "Important Links"Step 3: Enter UAN, Aadhaar number, name, DOB, and Aadhaar-linked mobile 4: Employees should ensure their mobile number is Aadhaar-linked to access the full range of EPFO's digital servicesStep 5: Agree to Aadhaar OTP 6: Click ""Get Authorisation PIN" to receive an OTP on your Aadhaar-linked mobile 7: Enter the OTP to complete the activationA password will be sent to your registered mobile number upon successful the UAN is activated, employees can easily access EPFO's wide range of online services, such as managing their PF accounts, viewing and downloading PF passbooks, submitting online claims for advances, withdrawals, or transfers, updating personal information, and real-time claim of Universal Account Number (UAN) and seeding of an Aadhaar to a bank account is a must for employees who wish to claim the monetary benefits of the Employment Linked Incentive (ELI) scheme, which is administered through EPFO. This mandatory exercise needs to be completed, if you want to get the benefits of the ELI scheme. Finance Minister Nirmala Sitharaman announced this new scheme during the Union Budget 2024 in July and there are three types of ELI schemes (A, B, and C).
News18
16 hours ago
- Business
- News18
From EPFO To Form 16 To Mutual Fund, Credit Card Rules: Know Key Financial Changes From June 1
Last Updated: Starting June 1, 2025, new rules will affect mutual funds, credit cards, and FD. SEBI revised cut-off times, banks updated credit card policies, and EPFO 3.0 will launch. Starting June 1, 2025, several financial rule changes will take effect that could impact your finances. From mutual fund regulations to credit card updates, EPFO advancements, and fixed deposit interest rate revisions, here are the key personal finance changes to be aware of. SEBI's New Rules for Overnight Mutual Funds The Securities and Exchange Board of India (SEBI) has revised the cut-off timings for overnight mutual fund schemes. Effective June 1, 2025, the new cut-off time will be 3 pm for offline transactions and 7 pm for online transactions. Transactions made after these times will be processed the next business day, potentially affecting the applicable net asset value (NAV). Overnight mutual funds invest in government securities maturing in one day and are favoured for their low-risk profile. This move aims to streamline fund operations, particularly for pledging. Credit Card Rule Changes Credit card users, especially those with Kotak Mahindra Bank, HDFC Bank, and Axis Bank cards, should note several changes this month. From 1 June, Kotak Mahindra Bank will introduce caps on reward points across categories such as fuel, rent, utility bills, and insurance. A 1% transaction fee will apply to fuel payments exceeding the monthly threshold. Rent and education payments will also incur a 1% charge regardless of the amount. Other charges will apply to wallet loads and online gaming. From 10 June, HDFC Bank will revise its lounge access policy for Tata Neu Infinity and Tata Neu Plus cardholders. Lounge access will be offered via vouchers based on spending, replacing the previous swipe-based system. EPFO 3.0 Expected Rollout The Employees' Provident Fund Organisation (EPFO) is expected to launch EPFO 3.0 in June, according to DD News. It is expected to facilitate instant PF withdrawals through ATMs and UPI, balance checks via UPI apps, and faster claim processing. A more efficient grievance redressal system is also anticipated. Form 16 Deadline For ITR Filing The deadline for employers to issue Form 16 to salaried employees is June 15. This certificate is crucial for income tax return filing. Aadhaar Deadline June 14 is the last day for free Aadhaar detail updates on the myAadhaar portal. Subsequently, updates will cost Rs 25 online and Rs 50 at Aadhaar centres. LPG Price Revision Oil companies revise LPG cylinder prices on the first of each month. Following a price cut in May, a new update is expected on June 1. FD Interest Rate Cuts Suryoday Small Finance Bank will reduce its fixed deposit rates by up to 60 basis points from June 1 for deposits below Rs 3 crore. The new rates will range from 4% to 8.4%. First Published:
Time of India
a day ago
- Business
- Time of India
EPFO likely to allow instant PF withdrawals via UPI and ATMs from June 2025
The Employees' Provident Fund Organisation (EPFO) is set to revolutionize the way millions of employees access their provident fund (PF) savings. Starting June 2025, EPF members will be able to instantly withdraw PF funds via Unified Payments Interface (UPI) and ATMs, according to DD News. This major step is being implemented with the support of the Ministry of Labour and Employment and has already received approval from the National Payments Corporation of India (NPCI). The new facility will also allow users to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays. Instant PF withdrawals under EPFO 3.0 Currently, PF withdrawals involve submitting online claims followed by a waiting period for approval from EPFO field offices. This process can take several days or even weeks. However, the upcoming integration with UPI and ATMs is expected to make settlements instantaneous. Members will be allowed to withdraw up to ₹1 lakh instantly—especially helpful in emergencies. 'EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,' said Sumita Dawra, Secretary at the Ministry of Labour and Employment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo 'These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient.' Expanded withdrawal purposes Currently, the EPF scheme allows withdrawals for medical emergencies, housing, education, and marriage, but members must meet specific eligibility criteria and provide proper documentation. With the upcoming changes, the scope of permitted withdrawal reasons will be expanded, giving employees greater financial flexibility for key life events. In another significant development, pensioners under the Employees' Pension Scheme (EPS) of 1995 will be able to access their pensions from any bank branch across India starting January 1, 2025. This means retirees will no longer be restricted to specific banks or branches. Even if a pensioner relocates or changes banks, pension disbursal will continue seamlessly through the Centralised Pension Processing System (CPPS), eliminating the need to transfer Pension Payment Orders (PPO) between offices. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
