The Employees’ Provident Fund Organization (EPFO) is set to undergo several significant changes in 2025, impacting millions of salaried individuals across India. These changes aim to enhance the retirement savings experience, streamline processes, and improve transparency for both employees and employers.
These changes are expected to have a significant impact on the financial security of millions of Indian workers, ensuring a more robust and secure retirement for the future.
Here are some important new rules which could be implemented in 2025 to benefit EPFO members.
Read More: EPFO Update: How to Easily Check the Balance in Your PF Account
Withdraw PF money from ATM
According to the reports, the EPFO will issue an ATM card that will enable subscribers to withdraw money around the clock as part of a significant overhaul of services for members. It is anticipated that this ATM withdrawal service will be implemented during the next fiscal year.
The new guidelines streamline the fund withdrawal process for subscribers, making it quicker and easier.
Employee’s contribution limit
According to reports, employees’ EPF contribution cap will be eliminated. At the moment, workers fund the EPF account each month with 12% of their base pay. However, rather than using the Rs 15,000 set by the EPFO, the government is thinking of letting workers contribute according to their actual pay.
Read More: EPFO 3.0: Government Introduces Special Card for PF Withdrawals and ATM Access
Increase in equity limit
To boost returns, EPFO is thinking about reinvesting a portion of the ETF redemption earnings back into stocks and other assets, as per some reports.
Pensions from any bank branch
In September 2024, Minister of Labour and Employment of India Mansukh Mandaviya approved the centralised pension payment system (CPPS), which will enable 7.8 million members of the Employee Pension Scheme to take their pensions from any bank branch in India as of January 1, 2025.
Higher pension deadline
The Employees Provident Fund Organisation (EPFO) via its press release dated December 18, 2024, has given the last chance for employers to upload wage details of employees by January 31, 2025. Further, employers are required to provide clarification requested by EPFO by January 15, 2025, to process the higher pension application.
Read More: EPFO’s Higher Pension Scheme: A Comprehensive Guide To Benefits, Eligibility & Application Process
EPF changes implement in 2024
Mandatory uploading of cheque leaf image
The Employees Provident Fund Organisation has relaxed the requirement of mandatory uploading of the image of cheque leaf, and attested bank passbook for certain eligible cases.
This would facilitate the settlement of online claims more quickly and lower the amount of rejected claims resulting from the failure to submit an image of the certified bank passbook or cheque leaf at the time of online claim filing.
New rule for EPF death claim
It has been decided that going forward, in all such death cases, processing physical claims without seeding Aadhaar may be permitted as a temporary measure, but only with the proper approval of the OIC in an e-office file duly recording the details of verification done to confirm the deceased’s membership and the genuineness of the claimants. Preventing any fraudulent withdrawals can be done in addition to other due diligence measures that the OIC deems appropriate.
