Union Labour Minister Mansukh Mandaviya on Tuesday at a press briefing highlighted that the Employees’ Provident Funds Organisation had increased the PF withdrawal limit in April this year.
The subscribers are now eligible to withdraw up to Rs 1 lakh at a time, a raise from the earlier limit of Rs 50,000.
The government has made a big change in the rules of EPF. The government has increased the limit of withdrawing cash from EPF at one time so that people can easily withdraw money. Now you can withdraw more money from your PF account during an emergency (EPF Bank Account Update). Now you can withdraw up to one lakh rupees instead of Rs 50,000. Labor Minister Mansukh Mandaviya gave this information on Tuesday.
He said that this change will be a relief for those who need to withdraw money from their PF account for marriage, treatment or other necessary expenses.
You will be able to easily withdraw more money from your PF
Many times people need money suddenly, like for an illness or for building a house. That is why the Employees Provident Fund Organization (EPFO) has taken this decision. Now you will easily get money from EPFO when you need more money. Earlier you could withdraw only up to Rs 50,000. But now you can withdraw up to one lakh rupees. Now you will not have to wait long to withdraw more money from your PF (PF Account Balance withdrawal) in case of an emergency.
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Facility to withdraw money from PF within the first six months of job
Apart from this, the government has made another important change. Now you can withdraw money from your PF even within the first six months of joining the job. Earlier this rule was not there. These changes can be very beneficial for you.
Some companies may run private retirement plans
The government has made another important change. Now some companies which are not part of the EPF can join this state-run retirement fund manager. Some companies can run their own private retirement plans as they are exempted because these funds were set up before the EPF was set up in 1954.
The Labour Minister said, “There are 17 companies which have a total of 100,000 employees and a corpus of Rs 1,000 crore. If they want to join EPF instead of their own fund, they will be allowed to do so. Government PF savings give better and stable returns.”
EPF (PF Balance Check) i.e. Employee Provident Fund secures the future of millions of employees. It provides retirement pension to crores of employees working in the organized sector. For many employees, it is the main source of lifetime savings. For this financial year 2024, the interest rate of EPF (EPF Interest Rate 2024) has been fixed at 8.25%.
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