Now EPFO has made important changes in the rules of medical related advance withdrawal. According to the information, EPFO has doubled the limit related to this. Let us also tell you what was the limit for medical related advance withdrawal earlier and what has been changed now?
Every employed person in the country has an EPF account. These accounts are operated by the Employees Provident Fund Organization i.e. EPFO. Every month, 12 percent is deducted from the employee’s salary and deposited in this account. You can also use this fund in emergency and apply online for advance withdrawal.
Now EPFO has made important changes in the rules of medical related advance withdrawal. According to the information, EPFO has doubled the limit related to this. Let us also tell you what was the limit for medical related advance withdrawal earlier and what has been changed now?
Double withdrawal limit
EPFO has ordered to increase the claim limit for withdrawal under medical emergency from Rs 50 thousand to Rs 1 lakh. This announcement was made through a circular issued by EPFO on April 16. The pension fund regulator has also made changes in the application software on April 10, 2024.
According to the EPFO circular, it has already received the green signal from the Central Provident Fund Commissioner (CPFC). EPF partial withdrawal through Form 31 is permitted for many purposes. Which includes everything from marriage to loan repayment and from buying a flat to construction of a house.
Under para 68J – in respect of which the limit has just been increased – advance can be claimed from Employees’ Provident Fund (EPF) accounts for the treatment of illness of the subscriber or a family member. Along with Form 31, the subscriber must also submit a certificate signed by an employee as well as a doctor.
What is Form 31?
If a claim is to be made for partial withdrawal of funds from the Employee Provident Fund account, then EPF Form 31 is deposited. Through Form 31, one can apply for withdrawal of house/flat purchase, house construction advance under para 68B. Under Para 68BB, advance can also be taken to repay the loan in special cases.
Under Para 68H, you can apply for advance grant in special cases. Sickness advance under para 68J; Under Para 68K, advance is given for marriage or post-matric education of children and under Para 68N, advance is given to physically handicapped members. Apart from this, under Para 68NN, advance claim can be made even within a year of retirement.
