EPFO announces new Benefits for Employees, Check all new benefits here

The Employees’ Provident Fund Organisation (EPFO) has made some exciting announcements aimed at improving the welfare of its employees. For the financial year 2025, EPFO plans to spend a total of Rs 13.10 crore to benefit its 15,529 employees across 145 offices. This includes several allocations for different welfare activities, ensuring a better work environment and support for its staff.

Key Budget Allocations

1. Holiday Homes: EPFO has set aside Rs 74.37 lakh for holiday homes, providing employees with a chance to relax and unwind.
2. Death Relief Fund: A significant amount of Rs 2 crore is allocated to the central pool for the death relief fund, showing EPFO’s commitment to supporting families during difficult times.
3. Scholarships: The budget includes Rs 94.25 lakh for scholarships, assisting employees and their children in furthering their education.
4. Medical Checkups: The organisation prioritizes health by allocating Rs 3.97 crore for medical checkups for employees over 40 years old, and Rs 1.27 crore for those younger than 40.
5. Cultural and Recreational Activities: To promote team spirit and well-being, EPFO has reserved Rs 29 lakh for cultural meets and Rs 61 lakh for canteen services.
6. Mementos: An amount of Rs 1.26 crore will be used for mementos across all offices, acknowledging employee contributions and achievements.

New Rules for Provident Fund Transfers

In a significant policy change, EPFO has introduced a new rule allowing employees to automatically transfer their old Provident Fund (PF) balance to their new employer when they change jobs. This simplifies the process for employees, making it easier to manage their funds without the hassle of withdrawing and depositing.

Increased Withdrawal Limits

Union Labour Minister Mansukh Mandaviya announced that EPFO members can now withdraw up to Rs 1 lakh from their PF accounts, doubling the previous limit of Rs 50,000. This move is part of the government’s efforts to ease regulations and provide better access to funds for subscribers.

Growing Membership

In June of this year, EPFO welcomed 19.29 lakh new members, marking a 7.86% increase compared to the same month last year. This growth indicates the increasing reliance on EPFO for retirement savings and benefits.

Upcoming Pension System Changes

Earlier this month, the government approved the Centralised Pension Payments System (CPPS), which will benefit over 78 lakh people under the Employee Pension Scheme (EPS). Starting January 1, 2025, EPS pensioners will have the convenience of receiving their pensions from any bank or branch across India. In the future, EPFO plans to transition to an Aadhaar-based Payment System (ABPS), further streamlining the process for pension disbursement.