3 key EPFO rule changes in New Year 2025: What Provident Fund (PF) account holders need to know

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3 key EPFO rule changes coming in 2025: The Employees’ Provident Fund Organization (EPFO) has made significant announcements regarding its rules and regulations affecting millions of subscribers. These new retirement fund policies will benefit employees in the public and private sectors.

1)EPFO and ESIC subscribers may soon use claim amounts via e-wallets

Subscribers of EPFO and ESIC may soon be able to access their claim settlement amounts directly via e-wallets.

“Now you are talking about how the claim can go directly to a wallet, or we’ll have to work out some mechanism. So there we have started talks with bankers, and also we are going to have a plan in place on how we can do this practically,” Secretary of the Ministry of Labour and Employment Sumita Dawra told PTI.

“We are reaching out to them (Reserve Bank of India), and we’ll have a plan in place very soon,” she said.

2) EPFO Extends Deadline for Employers to Upload Pending Pension Applications

EPFO has granted a final extension until January 31, 2025, for employers to upload pending pension applications related to higher wages. They are also asked to update any incomplete or additional information in over 4.66 lakh cases by January 15, 2025.

3) EPFO’s plans for direct PF withdrawals via ATMs

EPFO members may soon be able to withdraw their Provident Fund (PF) money directly from ATMs after claim settlements. Claimants wait 7-10 days for claim settlement, after which the money is transferred to their bank accounts.

EPFO subscribers will be issued dedicated cards for ATM withdrawals. This service will be similar to the banking system, aiming for quick access to funds with minimal human intervention.

“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” the Labour Secretary said.

“Systems are evolving, and you will notice significant improvements every two to three months. I believe there will be a major enhancement by January 2025,” she told ANI.

EPFO’s member growth and trends

EPFO recorded a net addition of 13.41 lakh members in October 2024, with 7.50 lakh new memberships. The 18-25 age group accounted for 58.49% of new members, indicating that most individuals joining the organized workforce are young and first-time job seekers.

Approximately 2.09 lakh female members were added in October 2024, showing a 2.12% growth compared to the previous year.

-With inputs from PTI, ANI

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