Employees' Provident Fund Organization has implemented new user-friendly rules, which came into effect on April 1.
Photo courtesy: Canva
EPFO New Rules: Monday, April 1 marks the start of the new fiscal year, which also brings a few changes to the standards for employee savings programs. In this regard, from April 1, the Employees' Provident Fund Organization (EPFO) will implement a few key updates.
The new EPF rules would allow for the automated transfer of employees' monies when they change employment, i.e. their prior Provident Fund balance will be transferred to the new employer's account.
With this new rule, employees/EPFO account holders will no longer be needed to manually request fund transfers when joining a new firm. Until until, despite possessing a Universal Account Number (UAN), consumers had to go through a lengthy and tedious process of transferring cash.
This will no longer be necessary.
Earlier in February, the EPFO's provisional payroll data revealed that it had gained 15.62 lakh net members in December 2023, the most in the prior three months. Registrations in net member addition increased by 11.97% compared to November 2023.
According to the report, almost 8.41 lakh new members registered in December 2023, the highest total in the prior three months.
According to payroll statistics, roughly 12.02 lakh members left and then rejoined EPFO, representing a huge 12.61% rise over the previous month, November 2023.
At the same time, the EPFO declared a three-year high interest rate of 8.25 percent on EPF deposits in 2023-24. In March 2023, the EPFO raised the EPF interest rate modestly to 8.15 percent for 2022-23, up from 8.10 percent in 2021-22.
