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The EPFO, the governing body for pension funds, has made several major rule changes (EPFO New Rules). These changes will directly impact the common man’s pocket. If you are employed and a portion of your salary goes into pension every month, this news is for you. Let’s find out which rules have been changed by the EPFO.
The EPFO, the governing body of PF funds, has made several major changes to the rules. These changes will benefit those who deposit their PF under the EPFO. A portion of their salary is deposited into their PF account every month.
If you also deposit money into your PF account, you will directly benefit from these changes. Let’s learn about these changes.
What will change?
Following the Supreme Court order, the EPFO has made major changes to pensions. Previously, upon retirement under the EPFO, you could receive a maximum pension of ₹7,500 per month. This limit has now been increased to ₹15,000 per month.
This change will provide relief to former employees who had a higher salary but were receiving only up to the pension limit.
Withdraw pension at 50
Previously, you could withdraw funds from the EPFO only when you were at least 58 years old. Now, you will be able to avail pension benefits under the EPFO as early as 50. However, if a person withdraws pension early, they may receive a lower pension amount.
Pension claims available online
Previously, claiming pensions was quite difficult. Approval could take months. However, the EPFO has now digitized most services. Now, everything from filling out pension claim forms to claim approval can be done online.
No more hassles with job changes
Previously, if someone changed jobs, they had to transfer their old records to the new office. But now, this is available online.
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