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EPFO 3.0 to allow employees to increase contribution, ATM Card, Revamped Pension Scheme

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Axelblaze

Axelblaze

TF Select
-With the EPFO 3.0 version, the Employees’ Provident Fund Organization may remove the 12 per cent cap in employee’s contribution
-The subscribers of EPFO will be given a card that will serve as a debit card and allow them to withdraw money from their fund via ATMs.
-It is reported that the Centre is also looking to reform the Employees’ Pension Scheme 1995 (EPS-95).With the changes, employees will be able to invest directly into the scheme, which will result in higher pension.
 
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Lesser money in-hand after luring with higher returns forcing people to invest beyond 12% that too when no tax benefit with new regime.
I am worried if in future they mandatory increase the minimum cap of 12% to 15-20% range once the upper cap door is open.
 
cesc007 said:
They will surely transform to get below:

- Apply some form of taxation
- Apply some form of charges and fees
- Apply strategic locking with ATM card


Good luck paying more money to gov
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My only fear is that they should not increase taxes on it than they already have
 
Axelblaze said:
-With the EPFO 3.0 version, the Employees’ Provident Fund Organization may remove the 12 per cent cap in employee’s contribution
-The subscribers of EPFO will be given a card that will serve as a debit card and allow them to withdraw money from their fund via ATMs.
-It is reported that the Centre is also looking to reform the Employees’ Pension Scheme 1995 (EPS-95).With the changes, employees will be able to invest directly into the scheme, which will result in higher pension.
Click to expand...
No way I am going to give any more of my money to this government.
 
Axelblaze said:
-With the EPFO 3.0 version, the Employees’ Provident Fund Organization may remove the 12 per cent cap in employee’s contribution
-The subscribers of EPFO will be given a card that will serve as a debit card and allow them to withdraw money from their fund via ATMs.
-It is reported that the Centre is also looking to reform the Employees’ Pension Scheme 1995 (EPS-95).With the changes, employees will be able to invest directly into the scheme, which will result in higher pension.
Click to expand...
ATM card is to encourage people to withdraw. Govt and epfo is going bankrupt by giving high interest rates and pensions. The more people withdraw and leave, the better for them. They are somehow wanting people to take out money and leave.
 
cardio_guy said:
ATM card is to encourage people to withdraw. Govt and epfo is going bankrupt by giving high interest rates and pensions. The more people withdraw and leave, the better for them. They are somehow wanting people to take out money and leave.
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Epfo has 50000 crore of unclaimed money. Also, current interest is just 100 to 150 basis points higher than regular FD. Not that high really.
 
cardio_guy said:
ATM card is to encourage people to withdraw. Govt and epfo is going bankrupt by giving high interest rates and pensions. The more people withdraw and leave, the better for them. They are somehow wanting people to take out money and leave.
Click to expand...
They just want the working class and middle to suffer …
 
I feel only the ATM card for withdrawals feature is useful with this EPFO 3.0 … unless they give tax benefits there is no point in removing the 12% cap of employee contributions !!!
 
ATM withdrawal will be a great to have not sure about how remaining changes it will depend upon how it’s implemented and hoping there’s no catch in it
 
I read somewhere that we cannot withdraw more than 50% of our EPFO corpus at any given point of time … Hard to believe they will allow 50% withdrawals 🧐
 
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