Employees Provident Fund Organization (EPFO) customers will be offered services like banking. This plan is currently being worked on. According to sources, under the new system, 50% of the total deposit of the Provident Fund (PF) can be withdrawn through EPFO Card using ATMs.
Union Labor Secretary Sumita Dawra said, “This service is likely to be started from next year.” Ms. Dawra said on Friday that “under the new system, an EPFO member who has died, his heirs can withdraw money through ATMs after claim settlement.”
What is EPFO Card?
EPFO card will be like a debit card. It will be called EPFO Withdrawal Card. This card can be used as a bank debit card at ATMs to withdraw money from the EPF account. There was a demand from the employee organizations to make the PF collection process easier. Work on this scheme is going on in the said order.
EPFO 3.0
With EPFO 3.0, employees can maintain a balance between getting immediate cash when they need it and having a safe amount even after retirement. According to sources, after the EPFO 3.0 implementation 50% of the total deposit of the Provident Fund (PF) can be withdrawn through EPFO Card using ATMs under the new system. If an EPFO member who has died, his heirs can withdraw money through ATMs using EPFO Card after claim settlement.
According to the PF withdrawal rules, if a member leaves his job, he can withdraw 75% of the PF account after a month. This way he can meet his needs with PF money while he is unemployed. The remaining 25% deposited in PF can be withdrawn two months after leaving the job.
Income Tax on PF Amount
If an employee completes 5 years of service in a company and collects the PF amount, there is no income tax liability. A period of 5 years may cover one or more companies. It is not necessary to complete 5 years in a company. The total period should be at least 5 years. If the employee withdraws more than Rs 50,000 from the PF account before completing 5 years of employment, he has to pay 10% TDS. Similarly, if the person does not have PAN card then he has to pay 30% TDS. No TDS will be deducted if the employee submits Form 15G/15H.
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