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Now you will be able to withdraw the entire amount from your EPF account. The Employees Provident Fund Organization (EPFO) took this decision in the Central Board of Trustees (CBT) meeting held on Monday. Many big and reassuring decisions were taken in this meeting chaired by Union Labor Minister Mansukh Mandaviya. This will make it easier than ever to withdraw money from EPF account.

Labor and Employment Minister Mansukh Mandaviya himself shared this information by posting on social media platform X. He informed about important decisions taken in the meeting and also shared a press release. “Under the leadership of Prime Minister Narendra Modi, we are working towards making life easier for EPF members and ease of business for employers,” he said.

Major decisions taken in the meeting:

EPFO has done away with the earlier 13 stringent rules and now allows partial withdrawals only in three categories: essential needs (illness, education, marriage, living expenses and special circumstances). Members will now be able to withdraw the entire amount deposited in their PF account.

1. Withdrawal limit for marriage – Earlier only three withdrawals were allowed for education and marriage, but now 10 withdrawals can be made for education and five for marriage. Additionally, the minimum service period, which earlier varied according to individual needs, has been reduced to 12 months.
2. withdrawal facility – Earlier, reasons had to be given for withdrawal in special circumstances like natural calamities, unemployment or pandemic, which often led to claims being rejected. Now this hassle is over. Members will be able to withdraw in special circumstances without giving any reason.
3. 25% minimum limit – EPFO ​​has also ensured that members always maintain a minimum balance of 25% in their account. With this, members will get the benefit of interest rate of 8.25% and compound interest, which will enable them to create a good retirement fund.
4. Auto-Settlement System – Under the new rules, there will be no need to submit any documents. The withdrawal process is going to be completely automated, which will speed up the settlement of claims. The period for premature final settlement has been increased from two months to 12 months, and the period for pension withdrawal has been increased from two months to 36 months.