EPFO New Rule: EPFO has changed the rules for withdrawing money from PF accounts. Let’s know how much amount EPFO members can withdraw from their PF accounts at once.
EPFO (Employees’ Provident Fund Organisation) provides many facilities to its members. In times of need, employees can withdraw a portion of their EPF account balance. This partial withdrawal is tax-free, provided the employee has contributed to EPF for at least five years. If the money is withdrawn before five years, 10% TDS will be deducted. EPF members could previously withdraw up to Rs 50,000 for their own or their family member’s treatment. However, this limit has been increased recently. The change took place on 10 April, but the limit has been increased further.
EPFO members can now withdraw up to Rs 1 lakh from their PF accounts, which was previously Rs 50,000. This change was made recently.
EPFO’s New Rule
EPFO has changed the rules for partial withdrawals. This information was provided by the Central Labour Minister, Mansukh Mandaviya. Mansukh Mandaviya stated that the limit for partial withdrawals from PF accounts has been increased. EPFO members can now withdraw up to Rs 1 lakh from their PF accounts, instead of the previous limit of Rs 50,000.-
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