EPFO Withdrawal Limit: If you are also an EPFO subscriber, then this news will make you happy. Yes, now you can withdraw up to one lakh rupees at a time from your PF account at the time of your need.
Earlier this limit was Rs 50,000. Labor Minister Mansukh Mandaviya gave information about this. The Labor Minister said that the Ministry of Labor has made many changes regarding EPFO. These changes have been made keeping in mind the convenience of EPFO members. According to the new rule, now even those who have not completed six months in the job will be able to withdraw their money. Earlier there was a ban on withdrawing such money. About seven crore subscribers will get the benefit of this step of the government.
Amid rising inflation, the limit was increased on increasing expenses
On the completion of 100 days of Modi Government 3.0, Mandaviya said that people often turn to EPFO account for marriage needs and medical treatment expenses. Now in any such need, you can withdraw up to one lakh rupees at a time. The reason behind updating the new limit is the increase in expenses in rising inflation. Under the Provident Fund, more than one crore retired employees working in the organized sector get the facility of regular income. EPFO has offered 8.25% interest for FY24.
17 companies have funds of more than Rs 1000 crore
In another change, the government has exempted organisations that are not part of the EPFO from switching to state-run retirement fund managers. Some businesses are allowed to run their own private retirement schemes. There are 17 such companies that have a total of 100,000 employees and funds of more than Rs 1000 crore. If they want to switch to the EPFO instead of their own funds, they can make the change.
Work is going on to increase the salary limit of Rs 15000.
n official said that firms like Aditya Birla Limited have contacted the government for such a system. After this, the government changed its policy. The minister said that the government was working on a plan to increase the income limit of Rs 15,000 for salaried class employees. Under this, PF contribution is made mandatory. Apart from this, the income limit of Rs 21,000 applicable for Employees State Insurance (ESIC) will also be increased by the government.
Mandaviya said that employees earning more than Rs 15,000 will have the flexibility to decide how much of their income they want to save for retirement benefits and pension. According to the EPFO rules, at least 12% of the employee’s salary must be saved as a provident fund. Apart from this, 12 percent contribution is made by the employer to the PF account.
