This change by the EPFO could be implemented within a year. The EPFO is constantly working to simplify the rules for users.
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EPFO New Rule: If you are employed and deposit money in an EPF account, this news is very important for you. The central government is considering relaxing withdrawal rules to provide more convenience and flexibility to Employees’ Provident Fund Organization (EPFO) users. The Modi government is considering amending the rules of the Employees’ Provident Fund Organization (EPFO). According to the new rules, withdrawals may be relaxed. Now, EPFO members will be able to withdraw their entire funds at any time before retirement.
When will the change be implemented?
This EPFO change may come into effect within a year. EPFO is continuously working to simplify the rules for users.
What are the current rules?
- To withdraw your entire PF balance, you must be 58 years old or unemployed for more than two months.
- After completing five years of service, you can withdraw some funds to build a house, buy a flat, or purchase land.
- To withdraw funds for marriage or education, you must have completed at least seven years of service.
- Even in the case of marriage, only 50% of the employee’s contribution and interest can be withdrawn.
- Up to 90% of your PF balance can be withdrawn for buying or building a house, provided the property is in your or your spouse’s name.
Who will get relief?
The EPFO changes will especially benefit those who don’t want to wait until age 58 and want to retire early, or are forced to leave their jobs. In such cases, they won’t have to wait until retirement to withdraw their PF (Provident Fund) funds.
What is the government’s intention?
The government wants employees to have easy access to their PF funds when they need them. The new rules, when implemented, will provide relief to millions of employed people.
