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PF Withdrawal Limit: The government has made a big change in the rules of EPF. The government has increased the limit of withdrawing cash from EPF at one time so that people can withdraw money easily. Now you can withdraw more money from your PF account during an emergency (EPF Bank Account Update). Now you can withdraw up to one lakh rupees instead of Rs 50,000. Labor Minister Mansukh Mandaviya gave this information on Tuesday.
He said that this change will be a relief for those who need to withdraw money from their PF account for marriage, treatment or other necessary expenses.
You will be able to easily withdraw more money from your PF
Many times people suddenly need money, like for illness or to build a house. That is why the Employees Provident Fund Organization (EPFO) has taken this decision. Now you will easily get money from EPFO when you need more money. Earlier you could withdraw only up to Rs 50,000. But now you can withdraw up to one lakh rupees. Now you will not have to wait long to withdraw more money from your PF (PF Account Balance withdrawal) in any emergency.
Facility to withdraw money from PF within the first six months of job
Apart from this, the government has made another important change. Now you can withdraw money from your PF even within the first six months of joining the job. Earlier this rule was not there. These changes can be very beneficial for you.
Some companies may offer private retirement plans
The government has made another important change. Now some companies which are not part of EPF can join this government retirement fund manager. Some companies can run their own private retirement plans as they are exempted, as these funds were already established before EPF in 1954.
The Labour Minister said, “There are 17 companies which have a total of 100,000 employees and a fund of Rs 1000 crore. If they want to join EPF instead of their own fund, they will be allowed to do so.”
Government PF savings give better and stable returns.” EPF (PF Balance Check) i.e. Employee Provident Fund secures the future of millions of employees. It provides retirement pension to crores of employees working in the organized sector. For many employees, it is the main source of lifetime savings. For this financial year 2024, the interest rate of EPF (EPF Interest Rate 2024) has been fixed at 8.25%.
How to check PF balance? (PF Balance Check)
- To check PF balance, you have to visit the official website of EPFO https://www.epfindia.gov.in/.
- After this, you will have to go to Services in the For Employee section and click on the option of Know your EPF Account Balance.
- After this, to login, you will have to enter your UAN number, password and captcha code.
- After logging in, you will see the PF account balance.