EPFO is all set to embrace technology in a major way, enabling online withdrawal of PF funds and quicker settlement of claims.
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Companies which had not earlier enrolled their employees under the EPF scheme can now do so, against payment of a minimal damage fee of Re 1 per year of default.
The proposal — likely to be approved — allows the subscribers the option of voluntary retention of EDLI membership, at a lesser rate of contribution, for three years following loss of job.
Employees can now withdraw their provident fund money without employers’ permission.