Rule Change: Mansukh Mandaviya said that if you are an EPFO account holder and there is an emergency in the family, then now you can withdraw more money. He said that the limit of lump sum amount has been increased.
PF Advance Withdrawal Rules: The Employees Provident Fund Organization (EPFO) has made a big change. PF account holders can now withdraw up to Rs 1 lakh instead of 50 thousand. Union Labor Minister Mansukh Mandaviya announced this earlier this week on the occasion of completion of 100 days of the government. Along with this, another change has been made in the rules.
Mansukh Mandaviya said that if you are an EPFO account holder and there is an emergency in the family, then now you can withdraw more money. He said that the limit of lump sum amount has been increased. Also, the facility of withdrawal has been given within 6 months of starting the job. Earlier PF account holders had to wait a long time. That is, even if they leave the job within 6 months, they will be able to withdraw money from their PF account.
New digital infrastructure also started
The minister further said that the government is making efforts to increase EPFO operations, which aims to reduce challenges for customers. He announced the launch of a new digital infrastructure that simplifies the withdrawal process and allows quick withdrawal of money.
For what needs can you withdraw this fund
EPFO provides many types of services to its account holders. It allows withdrawal of funds for everything from pension to medical or other important purposes. As an emergency fund, withdrawal of Rs 1 lakh has now been allowed instead of Rs 50,000 from PF, which means that you can withdraw money from PF for medical, marriage, education or other important family needs.
How can you withdraw money from PF account?
- PF account holders can withdraw money from EPFO account for medical treatment, education or any family related emergency.
- First of all you have to go to EPFO member e-service portal. Here go to the member section.
- Then log in using UAN (Universal Account Number), password and captcha.
- Once logged in, go to the ‘Online Services’ tab and select ‘Claim (Form-31, 19, 10C and 10D)’ from the drop-down menu.
- Now before proceeding, verify your personal details, such as name, date of birth and other information and update the details.
- Now choose Form 31 for partial withdrawal and give the reason for withdrawing money from the list.
- After this, after submitting, you will get an OTP on your mobile number linked to Aadhaar, enter it.
- After submission, you can check your claim status under ‘Track Claim Status’ option in the ‘Online Services’ tab.
- Usually, the money will be transferred to your bank account by EPFO within 7 to 10 working days.
8.25% interest this year
Provident funds like EPFO provide retirement income to over 10 million employees in the organised sector. These funds serve as the primary source of lifetime savings for working individuals, especially the salaried middle class. The interest rate on savings is currently fixed at 8.25 per cent by the EPFO for the financial year 2024.
It is worth noting that the Employees’ Provident Fund Organization (EPFO) oversees various employee-related schemes such as provident fund, pension and insurance for organized sector employees. One of the primary schemes managed by the EPFO is the Employees’ Provident Fund (EPF) scheme. The government has now eased the rules and increased the limit of lump sum withdrawal from Provident Fund (PF) accounts.
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