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New rules of EPFO: If you are also employed then there is beneficial news for you. Those employed through EPFO have got great relief. EPFO has changed the rules for withdrawing money. Now the EPF withdrawal limit has been doubled. However, EPFO has doubled the amount to withdraw money for treatment. Let us tell you how much money you can withdraw now.
Can this much money be withdrawn from PF account?
EPFO has changed the rules for medical related advance withdrawal. Earlier this claim limit was Rs 50,000 and now it has been increased to Rs 1 lakh. This came to light from the circular issued on April 16. According to the circular issued by EPFO, now you can withdraw Rs 1 lakh.
Paragraph 68J allows EPF subscribers to take advance funds for medical needs. These conditions include prolonged hospitalization, major surgery, and diseases such as tuberculosis, leprosy, paralysis, cancer, mental illness, or heart disease.
Note that the updated provision does not require additional documentation such as medical certificate, making the claim process easier for customers.
The maximum advance amount is determined on the basis of the EPF member's basic salary, dearness allowance, personal contribution and interest. It is known that apart from medical expenses, EPF customers can also withdraw money from their account for marriage, buying a house, repaying a loan or renovating the house.