EPF Withdrawal: It has now become easier and faster than ever for employees to withdraw money from EPF (Employees’ Provident Fund). The government has implemented a uniform provision by simplifying 13 different categories and their associated conditions. Under this, now EPF amount can be withdrawn easily without any complicated documentary process. Union Labor Minister Mansukh Mandaviya has given information about these benefits on X (earlier Twitter).
Changes in withdrawal limits and conditions
Solution to service break problem
After leaving the job, employees will now be able to get 75% of the amount immediately. After completion of one year, there will be facility to withdraw the entire amount. Earlier, frequent withdrawal of money would cause a break in the service of the employees, which would affect their pension rights.
For example, if an employee withdrew the entire amount after two months of leaving the job, his service was considered as new service. Since 10 years of continuous service is required to get pension, this period was not completed by repeated withdrawals. Due to this the employee was deprived of pension benefits. But, now such cases will reduce.
Benefits of new reforms
Now with the new EPF reforms, the service of the employees will remain continuous and pension rights will be secured. This will ensure social and economic security of the employees, and they will be able to easily access their EPF amount even in emergencies or personal needs. These changes not only increase the financial independence of employees but also strengthen their future security.