From now on every 10 years, the full amount of PF account will be transferred, the government has changed the rules important decision

If you are employed and contribute regularly to your provident fund PF account, then you can get a good news. The Central Government is preparing to bring a new change through Employees Provident Fund Organization EPFO. Through this, you will get the facility to withdraw large amount from your PF account once every 10 years. Till now you could have withdrawn the entire amount from PF after retirement or in the event of a job. But this rule can change with a new proposal.

According to the report, the government is currently considering relaxing stringent rules for PF withdrawal. Senior EPFO officials said that the government is planning to bring a system under which PF members will be able to withdraw their entire or partial amount every 10 years.

An EPFO official said that through this, a large amount will be deposited in the member’s account every 10 years. By withdrawing that amount, members should get freedom as to what they should do, whether it is investment or any personal expense, the election member.

How was the system till now?:
Currently, the entire withdrawal from PF was possible at the time of retirement (at the age of 58) or two months after leaving the job. Partial withdrawal was allowed on certain occasions like buying, treatment, children’s education or marriage. But recently the EPFO has relaxed its rules a bit. Now PF members can withdraw 90% of their amount to buy or build a house after contributing continuously for three years. Earlier, this facility was available only to those who contributed for five years.

What are the conditions? ,
The government is also considering allowing to withdraw only 60% amount instead of withdrawing the entire amount every 10 years. This, on the one hand, members will get financial flexibility. On the other hand, PF’s basic objective, post -retirement financial security, will also be safe.

What do experts say?
Some experts have welcomed the proposal. But he has also warned that repeated withdrawing money can be discouraged by saving for the future. He has also expressed concern that it can create financial crisis during retirement.