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EPFO 3.0 Explained: With this 5 minutes guide you can easily understand the new withdrawal rules – epfo 3 0 explained understand epfo new withdrawal rules with help of this 5 minutes guide

Employees’ Provident Fund Organization (EPFO) has made changes in the rules for withdrawing money deposited in EPF account. Instead of the previous 13 different conditions for withdrawing money, only three conditions have been set. Due to this, there will be no confusion to the subscribers. The withdrawal process will be completed soon, due to which the withdrawal money will be credited to the savings bank account soon.

How much money can be withdrawn now?

Experts say that the new rules EPFO 30 crore members will benefit. The biggest change is that now members can withdraw 75 percent of the money deposited in their EPF account. EPFO has said that members will have to maintain only 25 percent balance in their EPF account.

How much service period is required for withdrawal?

The service period for withdrawal has been reduced. Earlier there were different service periods for withdrawal for different purposes. Now the service period has been reduced to only 12 months. This means that if an employee has completed 12 months in the job then he can withdraw the money.

Do documents need to be submitted for withdrawal?

EPFO subscribers will benefit most from the new withdrawal conditions. Now along with Essential Needs and Housing Needs, the third condition Special Circumstances has been included. Under this third condition, the subscriber can withdraw money without giving any reason. He will not have to submit any kind of documents.

Can I withdraw more money than before?

Now subscribers can withdraw 10 times for education and 5 times for marriage. Earlier only a total of three withdrawals were allowed. Experts say that EPFO ​​may have made this change in the rules to account for the increasing expenses of education and marriage. Subscribers will benefit greatly from this change.

When to apply for PF settlement?

Now the subscriber will be able to apply for PF settlement only after 12 months of leaving the job. One can apply for pension withdrawal after 36 months. Earlier, one could apply for PF settlement after 2 months of leaving the job. Experts say that the rules for PF settlement have been made strict.

Will the employee face any problems in case of retrenchment?

Experts say that the purpose of changing the rules of PF settlement could be financial security. But, due to this, the employees who are retrenched may have to face problems. They will have to wait for more than 12 months for their money. Considering the retrenchment in other sectors including IT sector, this rule will increase the problems of employees.

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