NewsIndia

EPFO’s introduction of a unified Form 121 marks a significant shift in the tax exemption process for EPF withdrawals, effective from April 1, 2026. This change replaces Forms 15G and 15H, simplifying the claiming of TDS exemptions on EPF withdrawals and interest income.

Additionally, EPFO plans to launch a new portal called E-PRAAPTI. This portal will help members trace and link old or inactive PF accounts. Labour Minister Mansukh Mandaviya stated, “The proposed portal, called E-PRAAPTI, will enable subscribers to access legacy accounts, update profiles and complete UAN seeding without any intervention by the employer.”

The minimum pension under the Employees’ Pension Scheme (EPS-95) is currently set at ₹1,000 per month. Labour unions are demanding an increase to ₹7,500. The Central government contributes over ₹950 crore annually to maintain this minimum pension.

Discussions are underway regarding a potential increase in the minimum pension under EPS-95. No timeline has been shared for when a decision might be announced. However, these discussions indicate a recognition of the need for improved pensions.

E-PRAAPTI will also facilitate Aadhaar-based authentication and improve access to digital services for provident fund subscribers.