EPFO Update: EPFO announces withdrawal of the full PF amount without submitting documents..

You can now withdraw the entire amount from your EPF account. The Employees' Provident Fund Organization (EPFO) made this decision during Monday's Central Board of Trustees (CBT) meeting. This meeting, chaired by Union Labor Minister Mansukh Mandaviya, saw several major and reassuring decisions. These decisions will make withdrawing money from their EPF accounts much easier than before.

Labor and Employment Minister Mansukh Mandaviya himself shared this information by posting on the social media platform X. He shared the key decisions taken at the meeting and also shared a press release. He stated that under the leadership of Prime Minister Narendra Modi, we are working towards making life easier for EPF members and easing the process of doing business for employers.

Key decisions taken at the meeting
The EPFO has eliminated 13 previously onerous rules and now allows partial withdrawals in only three categories. These include essential needs (sickness, education, marriage, housing expenses), and special circumstances. Members will now be able to withdraw the entire balance in their PF account.

Withdrawal Limit for Marriage - Previously, only three withdrawals were allowed for education and marriage. Now, withdrawals can be made 10 times for education and five times for marriage. Furthermore, the minimum service period, which previously varied for different needs, has been reduced to 12 months.

Withdrawal Facility - Previously, special circumstances such as natural disasters, unemployment, or pandemics required a reason for withdrawal, which often resulted in claims being rejected. Now, this hassle has been eliminated. Members will be able to withdraw without providing any reason under special circumstances.

25% Minimum Limit - EPFO has also ensured that members always maintain a minimum balance of 25% in their accounts. This will allow members to benefit from an interest rate of 8.25% and compound interest, allowing them to build a substantial retirement fund.

Auto-settlement system - Under the new rules, there will be no need to submit any documents. The withdrawal process is set to be fully automated, which will speed up claim settlement. The period for premature final settlement has been extended from two months to 12 months, and the pension withdrawal period has been extended from two months to 36 months.

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