EPFO New Updates and Changes (TDS, EDLI Family Benefits, E-nomination, PF Interest transfer)
TDS Deduction Reduced
Talking about the change in PF rules, on February 1, 2023, while presenting the general budget of the country, the government had announced relief regarding the withdrawal of EPF money. Under the new rule, now TDS deduction on withdrawal of money deposited in PF has been reduced from 30% to 20%. This decision of the government will benefit such PF account holders whose PAN card is not updated in their PF account.
EDLI Insurance Cover (Rs.7 Lakh paid to the nominee)
EPFO members also get the facility of insurance cover under the Employee Deposit Linked Insurance Scheme (EDLI Insurance cover). In the scheme, a maximum insurance cover of Rs 7 lakh is paid to the nominee. If the member dies without any nomination, then there are difficulties in processing the claim. So, let’s know how to fill nomination online.
EPF E-Nomination is Mandatory
EPFO is also providing the facility of e-nomination to give the information of the nominee. Those who are not enrolled in this, they are being given a chance. After this, information like name of the nominee, date of birth will be updated online. EPFO has told its subscribers that EPF account holder should do e nomination (EPF / EPS nomination). By doing this, it helps the nominee / family members to withdraw money related to PF, Pension (EPS) and Insurance (EDLI) in case of death of the account holder. With this, the nominee can also claim online.
PF Contribution Interest Transfer
After the announcement of changes in the rules regarding PF during the budget, the expectation of the account holders has increased again that soon the interest money received on the amount deposited in PF for the Previous financial year can come in their account.
