look news india
The government has now increased the PF withdrawal limit to Rs 1 lakh. This will benefit retired savings managers. Earlier this limit was only Rs 50 thousand. The Labor Ministry has made some changes in the EPFO rules.
Some rules have also been included in it to make it easier and more responsive with the new digital framework. With this facility, customers will be able to withdraw up to Rs 1 lakh at a time from their account for financial needs. Union Labor Minister Mansukh Mandaviya informed about the changes made in the PF rules.
These employees will also be able to take advantage of this facility
The Union Minister said that this facility is available to all employees. Under this, even those employees who have just joined and have not even completed 6 months can avail this facility. Earlier, new employees were kept away from this facility.
Mandaviya said on completion of 100 days of the government
Union Minister Mansukh Mandaviya said on the completion of 100 days of the government that people often resort to EPFO savings for marriage or treatment. Now with this new rule, they will be able to withdraw up to Rs 1 lakh as per their need, which will be more convenient for them. This was done because in today's time, the old limit is very low according to the need and expenditure.
EPFO provides income to over one crore retired employees
More than one crore employees are provided retirement funds through EPFO. This includes the lifetime savings of the employees. The savings interest rate of 8.25% for FY 2014 is a fund offered by EPFO to the salaried middle class.
The government has also given exemption under the new rules to those institutions which are not part of EPFO. They can go to the government retirement fund manager. Some businesses are also allowed to operate their own private pension schemes. Because their funds predate the establishment of EPFO in 1954.