EPFO (Employees Provident Fund Organisation), the system managing Retirement Funds, has ordered from its regional office to implement the Supreme Court’s order dated November 4, 2022, in which more pension option is available to eligible subscribers.
Instructions were given to do so. In the circular issued by the Employees’ Provident Fund Organization (EPFO) on December 29, the Central Government has ordered the implementation of the Supreme Court’s directions. The Regional Offices have been asked to implement the directions contained in para 44 (9) of the Supreme Court’s judgment dated November 4, 2022, within the prescribed time limit.
Along with this, the regional offices will also have to give adequate publicity to the decision taken by the EPFO.
There was an increase in the pensionable salary limit
Earlier, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014 in its decision. The EPS revision (August 2014) raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. In addition, members were allowed to contribute 8.33 per cent of their actual salary (if it exceeds the limit) to the EPS along with their employers.
In this, all EPS members were given 6 months to opt for the revised scheme. In its order, the apex court had given 4 months more time to the eligible subscribers to opt for higher pension option under EPS-95.
When can the money deposited in PF account be withdrawn?
After retirement, you can withdraw the money deposited in your PF account anytime. Apart from this, you can withdraw the entire amount of your EPF even after 2 months of leaving the job. If you have lost your job and you are unemployed for 2 months, then even in such circumstances you can withdraw the entire amount of PF.
However, if you want to make partial withdrawal of PF while working, then you have to follow some rules. Money deposited in PF account is received within 3 to 7 days (Working Days) of the application.