Will EPFO ​​3.0 also withdraw the PF of old institutions, how will old companies be linked to a single card? Know here

Almost everyone in India has a PF account. 12 percent of the employee's salary is deposited in the PF account. An equal contribution is also made by the company i.e. the employer. PF accounts are operated by EPFO.

There are crores of PF accounts in India. Some rules are made by EPFO ​​for PF account holders. From time to time, EPFO ​​changes the rules for PF account holders. And new facilities are provided.

Now if someone wants to withdraw money from a PF account, then he has to raise a claim online. This is done by visiting EPFO's members portal. After this, the claim is verified by the company and then you get the money. But now EPFO ​​is going to change this. PF account holders will be given a card just like a debit card, through which withdrawals can be made from the PF account. For this, EPFO ​​3.0 has been launched.

Through EPFO ​​3.0, PF account holders can withdraw money from ATM cards. Preparations have also been started by EPFO ​​for this. The first phase of this scheme is expected to be completed by the end of January.

Employees will also be able to withdraw money from their old companies using the ATM card provided in EPFO ​​3.0. At present, complete information about the process for this has not been revealed. At present, the old companies get the option to merge with the current PF account. Where your entire amount gets transferred into one.

Let us tell you that after the implementation of the EPFO ​​3.0 scheme, the PF account can be operated like a bank account. In this, you will be able to withdraw your money easily. You will not even have to wait for that.

Disclaimer: This content has been sourced and edited from abplive.com. We have made modifications for clarity and presentation.