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EPFO:Good news for crores of employees of the country before Diwali! Employees’ Provident Fund Organization (EPFO) has further simplified the rules for PF withdrawal for its members. Now employees will be able to withdraw full 100% amount from their account if needed.

This step is a big decision of the government towards making the employees financially strong and self-reliant. Come, let us tell you complete information about these new rules of EPFO ​​(Employees’ Provident Fund Organisation), so that you can take advantage of it.

Big decisions in the Labor Minister’s meeting

Many major decisions were taken in the meeting of the Central Board of Trustees (CBT) chaired by Labor Minister Mansukh Mandaviya. In this meeting, many relief reforms were approved for more than 7 crore EPFO ​​(Employees’ Provident Fund Organization) account holders. These include simplifying the withdrawal process, expediting interest settlements and promoting digital services. These changes will bring great relief to the employees.

13 complex rules merged into one

Earlier, there were many complex rules for withdrawing money from EPF account, which caused a lot of trouble to the employees. But now EPFO ​​(Employees’ Provident Fund Organization) has combined 13 complex rules into a single rule. This will make the withdrawal process much easier. Withdrawal needs are now divided into three main categories:

• Necessary expenses: For needs like illness, education and marriage.
• Home needs: For buying or renovating a home.
• Special circumstances: Other emergency or urgent expenses.

In how many days will the withdrawal permission be given?

EPFO (Employees’ Provident Fund Organization) has also reduced the eligibility period for withdrawal. Earlier, employees had to complete several years of service, but now after just 12 months of service, employees can withdraw 100% of the amount from their fund including both employee and employer contributions.

Withdrawals are allowed 10 times for education and 5 times for occasions like marriage. This change will prove to be a big relief for the employees especially in times of emergency.

Relief in fine, trust scheme started

EPFO (Employees’ Provident Fund Organization) has launched ‘Vishwas Scheme’ to settle pending cases and old fines. Currently, around ₹2,406 crore fine amount and more than 6,000 cases are pending. Now if there is a delay in depositing PF from a company, the penalty has been reduced to 1% per month. This step is a relief for both companies and employees.

Digital services become easier

EPFO (Employees’ Provident Fund Organization) is now improving all its operations on the digital platform. Soon, employees will be able to easily do tasks like application, withdrawal and status check through their mobile app and online portal. The aim of the government is to provide fast, transparent and paperless facilities to the employees, so that their time is saved and the process becomes easier.