Top News

Congratulations! If you have got a new job, then along with salary account, weekend plans and new friends, there is another thing that has been added to your life and that is EPF (Employees’ Provident Fund). In simple words, this is an essential saving from your salary, which makes your future secure.

Often new employees, after hearing the name of PF, feel that it is some boring and complicated government paperwork. But now it is not so at all. Employees’ Provident Fund Organization (EPFO) has come up with its new and very modern avatar EPFO ​​3.0. Its simple objective is to make your PF experience as digital, fast and easy as you feel while using UPI on your phone.

After all, what is EPFO ​​3.0 and its benefits?

EPFO 3.0 is not a small change, but a big digital upgrade. If you are entering the corporate world, you must know these things:

• Now you do not need to visit offices or fill many forms for PF money. The entire system now works on automation, due to which your claims are settled very quickly.
• Many times one had to wait for the approval of the employer (company) to withdraw PF. But now in many cases you can withdraw money directly by placing an online request, in this you do not have to stand in a long line for the company’s approval.
• In the coming time, this system is going to be connected to facilities like UPI transfer and ATM, so that you can get money immediately and in real-time at the time of need.
• You can track all this online, what is going on in your PF account, when the money is deposited.

rules for withdrawing pf

The money is yours, so you can withdraw it whenever you need. But remember, this is your retirement fund, so there are some rules for it:

God forbid such a situation ever arises, but if you lose your job, you can immediately withdraw up to 75% of your PF balance. The remaining amount can be withdrawn after a certain waiting period.

Even if you are employed, you can still withdraw a portion of your PF under certain and extremely important circumstances, such as:

• In case of serious illness or medical emergency
• to buy or build a house
• In times of other special and essential family needs

Unique benefits of interest, insurance and savings

PF is not just savings, with it you also get many other benefits:

• For the financial year 2025-26, PF is getting interest at the rate of 8.25% per annum, which is much better and safer than any normal bank FD or savings account. This interest gets added directly to your account.
• Under the EDLI scheme, as soon as the PF account is opened, employees get life insurance cover up to Rs 7 lakh absolutely free. For this you do not have to pay a single rupee from your pocket.
• A part of the contribution your company makes (maximum Rs 1,250 per month) goes into your EPS (Pension Fund), which you later get in the form of pension. The remaining portion is deposited directly into your retirement fund.
• Investment in PF comes under the ambit of tax exemption under Section 80C of Income Tax.

Some important questions (FAQs) for new employees

1. Can I opt out of PF?
Yes, but only if your basic salary is more than Rs 15,000 and you are doing the job for the first time. For this, ‘Form 11’ has to be filled before the salary is processed.

2. What happens to PF when you change jobs?
Your UAN (Universal Account Number) remains the same for life. When you change the company, your old PF will be transferred to the new employer online.

3. How do I check my balance?
Go to EPFO’s Member Passbook portal and login through your UAN. There you will see your monthly deposit amount.

The post EPFO ​​3.0 Latest Updates: Got a new job? Know the rules of PF; Benefits of balance, advance withdrawal and free insurance appeared first on Latest.