EPFO Cash withdrawal limit: Recently a big update is coming out for PF account holders. Now PF account holders can withdraw double the money from their account. Now EPFO has also made important changes in the rules of advance withdrawal. Let us know the complete update of EPFO in detail in the news below…
EPFO New Rules- Every employed person in India has an EPF account. These accounts are operated by the Employees Provident Fund Organization i.e. EPFO. Every month, 12 percent is deducted from the employee’s salary and deposited in this account. You can also use this fund in emergency (emergencuy fund) and apply online for advance withdrawal.
If you are also employed then there is news beneficial for you. Those employed by EPFO have got a big relief. EPFO has changed the rules for withdrawing money. Now the EPFO cash withdrawal limit has been doubled. However, EPFO has doubled the amount to withdraw money for treatment. Let us tell you how much money you can withdraw now?
For information, let us tell you that the rules for medical related advance withdrawal have been changed by EPFO. Earlier this claim limit was Rs 50,000 and now it has been increased to Rs 1 lakh. This came to light from the circular issued on April 16. According to the circular issued by EPFO, now you can withdraw Rs 1 lakh.
This form is for partial withdrawal
Let us tell you that EPFO has doubled the limit for withdrawal of money under para 68J of Form 31 (EPFO Limit double). Form 31 of EPF is for partial withdrawal. This form is used for premature withdrawal of money for many purposes. In this you can withdraw money to build a house, buy a house, get married and get treatment.
Know when you can withdraw Rs 1 lakh?
For information, let us tell you that Para 68J of Form 31 is used to withdraw partial amount for the treatment of disease (form 31 for withdraw partial amount). Under this, earlier you could withdraw only Rs 50,000, but now you can withdraw Rs 1 lakh. But while withdrawing the money, you have to keep in mind that the employees cannot withdraw their 6 months’ bequest and DA or the employee’s share along with interest. But yes… If you have funds of Rs 1 lakh in your account above this amount, then you can withdraw it.
Under what circumstances can a claim be made?
According to EPFO, account holders can use this money only for life-threatening diseases (withdrawal of pf amount for disease). You can also withdraw money when the employee or his patient is admitted in the hospital.
Let us tell you that it is necessary for the employee to be admitted in a government hospital or any hospital associated with the government. At the same time, if you have admitted the patient in a private hospital, then he will be examined first and then you can make a claim.
