Ever since the new rules for EPFO withdrawal have come, a lot of confusion has arisen on this. Besides, it is also being criticized. Now the Employees Provident Fund Organization (EPFO) has made every thing clear regarding this.
Question: As soon as you leave the job, will you not be able to withdraw the entire EPF amount immediately?
answer: Retirement body EPFO says that members can now withdraw up to 75% of their EPF balance immediately after leaving the job, while the remaining 25% will be available after one year.
Question: After how much time can I withdraw my pension after leaving the job?
answer: epfo It has been said that pension (EPS) deposits can be withdrawn only after 36 months of unemployment. Earlier there was a provision for withdrawal after 2 months.
Question: Why can’t 100% amount be withdrawn immediately after leaving the job?
answer: If someone withdraws 100 percent of the amount immediately after leaving the job, his service period would be broken. Whereas 10 years of continuous service is mandatory for pension. In this situation again and again pf This 10 years of service is not completed by withdrawal, hence only 75% of the amount is allowed to be withdrawn. One year’s time has been given for the remaining amount. The government argues that most of the employees get another job within a year.
Question: Which decision of EPFO is being questioned?
answer: It has been decided to increase the waiting period for final settlement of EPF from 2 months to 12 months and for EPS withdrawal from 2 months to 36 months. This decision was criticized by the members and then the controversy increased, after which EPFO has given detailed information on social media.
Question: Which rule has been changed?
answer: Till now the EPF member was allowed to withdraw the entire amount from the PF and pension account after remaining unemployed for two months for any reason. But now EPFO has allowed withdrawal of 75% amount immediately and the remaining 25% amount after 12 months. Whereas under pension, withdrawal is allowed after 36 months.
Question: Why was there a need to change the rules?
answer: According to the Labor Ministry, the purpose of this change is to encourage members to complete 10 years of service to become eligible for lifetime pension. Besides, financial security is also to be provided through EPF retirement fund. The ministry said that earlier, there were breaks in the service period due to frequent withdrawals, due to which the pension cases of many employees were rejected. But now with this change more people will be able to get the benefit of EPS.
Question: The 13 categories of EPF withdrawal have now reduced to how much?
answer: Earlier under EPFO, PF withdrawal could be done under 13 categories, but now making it easier it has been reduced to 3 categories. First category- PF can be withdrawn for illness, education, marriage. Second category- PF withdrawal can be done for household needs. Third category- PF withdrawal will be allowed in emergency.
Question: What is the provision for partial withdrawal?
answer: Employees will now be able to withdraw PF money at an interval of one year for marriage and house. Earlier this limit was 5 to 7 years.
Question: How many times can PF be withdrawn for education and marriage?
answer: The limit for partial withdrawal has been made more flexible. Members can now withdraw up to 10 times for education and 5 times for marriage, whereas earlier this limit was three times. In case of illness or emergency category, the entire eligible amount can be withdrawn twice in a year without any additional documents.
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