Big news for PF account holders
Business Business: If you are a Provident Fund (PF) account holder, then this news will be useful for you. Actually, the central government has increased the limit of PF withdrawal from Rs 50,000 to Rs 1 lakh. Union Labor and Employment Minister Mansukh Mandaviya announced this change. He said that if you are an Employees’ Provident Fund (EPFO) depositor and there is an emergency in your family, then you can withdraw more money from your PF account than before. The Union Minister also said that while the government has given benefits to EPF account holders, it has also relaxed some rules. After this, the employee is allowed to withdraw money from the PF account if he leaves the job within the first six months of starting a new job. He said, “Earlier one had to wait a long time, but now PF depositors can withdraw money within the first six months. “This is their money. Pointing to the new update related to pension, Union Minister Mandaviya said that the government is also planning to increase the income limit for mandatory contribution to the pension fund. Let us tell you that EPFO is currently paying interest at the rate of 8.25% on the money deposited to PF account holders.
. Medical treatment, education or emergency family expenses are usually covered by the Employees Provident Fund (EPFO).
. Once logged in, go to the “Online Services” tab and select “Application (Form 31, 19, 10C and 10D)” from the drop-down menu.
. Then check your personal information like name, date of birth and other information before proceeding. Make sure your Aadhaar link and KYC details are updated.
Select Form 31 “Partial Withdrawal” and choose the reason for withdrawal from the list. Once submitted, you will receive an OTP for the mobile number linked to your Aadhaar. Enter this OTP to verify the authenticity of the application.
. Once submitted, you can track the status of your application using the Track Application Status option under the Online Services tab.
. Usually within 7-10 working days the money from EPFO is transferred to your registered bank account.
