PF Rules Change: Government increased the limit of PF withdrawal, know what will be the benefit

PF Rules Change: Prime Minister Narendra Modi's government had recently ended the exemption given for withdrawal from Provident Fund (PF) during the Corona period, but now the limit of PF withdrawal has been increased from Rs 50 thousand to Rs 1 lakh.

PF Rules Change: The central government has changed the EPFO ​​rules. Now the PF withdrawal limit has been increased from Rs 50,000 to Rs 1 lakh. The Union Labor Ministry has changed the rules by changing some standards to make the digital structure more easy and accountable. After this change, any PF customer will be able to withdraw up to Rs 1 lakh from his account at a time. Giving information about this change, Union Labor Minister Mansukh Mandaviya said that this will benefit retired employees more.

The restriction on service limit for withdrawal from PF has also been removed

The Labor Minister also informed that the restriction related to service limit i.e. duration of job for withdrawal from PF accounts has also been removed. Earlier, employees who contributed less than 6 months under the new PF account could not withdraw money. This caused loss to those employees who have joined a new job. Now such employees will also be able to withdraw PF. 

The government has given this gift for this reason

The Labor Minister also revealed why the government has given the gift of increasing the PF withdrawal limit to the employees? Actually, this facility has been started on the completion of 100 days of the government led by Prime Minister Narendra Modi. He said that this will benefit those people who withdraw money from EPFO ​​savings for marriage or treatment. The decision to increase the withdrawal limit has been taken due to the increase in the needs and expenses of the people in the present times as compared to the old times.

More than 1.5 crore retired employees will benefit

The increase in the PF withdrawal limit will benefit around 1.65 crore people who currently hold EPFO ​​accounts. EPFO ​​provides retirement funds to more than 1 crore retired employees. A savings interest rate of 8.25% is given every year on the amount deposited in the EPFO ​​account.