The Employees’ Provident Fund Organisation (EPFO) has brought good news for its members. In the recent 238th meeting of the Central Board of Trustees (CBT), some important changes were made in the rules for withdrawing money from PF accounts. This will be a big relief for crores of EPFO subscribers. With these new rules, members can now withdraw money from their PF accounts more easily and quickly according to their needs. The new rules aim to improve the quality of life of EPFO members. Let’s look at these changes in detail.

Major Changes in PF Withdrawal Rules

100% Withdrawal Facility: The biggest change is that EPFO members can now withdraw up to 100% of the ‘eligible balance’ in their PF account. This includes both the employee’s and employer’s share. It will allow members to withdraw large sums of money for urgent needs.

Simpler Partial Withdrawal Rules: Earlier, there were 13 complex rules for partial withdrawal. Now, these have been simplified into three categories:

Essential Needs: Withdrawals for urgent needs like illness, education, and marriage.

Housing Needs: Withdrawals for building or buying a house.

Special Situations: Withdrawals for other unforeseen circumstances.

Increased Withdrawal Limits: Withdrawal limits have been increased in some cases:

For Education: Members can now withdraw up to 10 times for education needs.

For Marriage: Members can withdraw up to 5 times for marriage needs. Earlier, only 3 withdrawals were allowed for education and marriage.

Reduced Minimum Service Period: The minimum service period for partial withdrawal is now just 12 months. This makes it easier for new employees to withdraw money if needed.

No Reason Needed for Special Circumstances: Earlier, members had to give specific reasons for withdrawal in special circumstances like natural calamities, lockouts, or unemployment. Now, they do not need to provide any reason, making the process easier.

These new rules will strengthen the financial security of EPFO members and help them in emergencies. This step by EPFO has been welcomed by crores of employees across the country.