PF Members Money Withdrawl Rules Changed 2024, Employees working in Government and Private sector Must Pay PF. However, in some Urgent and unforeseen Circumstances, the Facility is provided to withdraw this Allowance & Check PF Account Benefits.
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However, PF is a smile exchanged upon Retirement PF Members Money Withdrawl Rules Changed . However, many people now withdraw PF in the middle based on their needs. Many payments are Delayed owing to Human interaction in this procedure. EPFO plans to implement a New Auto Settlement System to Address This issue. The process of Facilitating people’s PF Money withdrawal Requests began a Few Months ago and has now come into effect. https://www.epfindia.gov.in/site_en/index.php
Rule 68K provides an auto settlement facility for educational and marital claims. In a similar order, EPFO informed its members via a circular dated May 13 that it has automated claims for property purchases under Rule 68B. Furthermore, the amount provided under Rule 68J for early withdrawal of PF funds for medical treatment has been enhanced by a circular released on April 16, 2024. For the four prerequisites listed above, members can withdraw up to Rs.1 lakh via auto-settlement with no human participation.
PF Members Money Withdrawl Rules Changed EPF 2024 | పీఎఫ్ సభ్యులకు డబ్బు విత్ డ్రా రూల్స్ మార్చిన ఈపీఎఫ్
PF members can withdraw a Portion of Their EPF Account for Medical Treatment Under Rule 68J. It is also permissible to Take for the Treatment of his family members. Under Rule 68K, a PF Account Holder May also withdraw Funds for the Marriage of his Daughter or Son, sister or brother. Furthermore, PF funds can be withdrawn for children’s higher education. Finally, Rule 68B provides for the withdrawal of money for the purchase or construction of a house. Additionally, PP funds can be retrieved in the form of an advance for home renovations and extensions.
New EPF Withdrawal Rules 2024
The EPF account is made up of contributions from both employers and employees. However, the funds in an EPF account cannot be withdrawn on a whim.
Here are Some of the Main Rules For EPF withdrawal:
In Contrast to a Bank Account, Money in an EPF Account Can only be withdrawn after Retirement.
Partial withdrawal can be Requested online and is Appropriate for Emergencies Such as Medical Treatment, higher education, the acquisition of a residential home, or building.
EPFO enables a withdrawal of 90% of the EPF corpus one year before retirement, providing the person is at least 54 years old.
The EPF corpus can be withdrawn if an Employee Becomes unemployed before retirement due to alockdown or retrenchment.
EPFO provides for the withdrawal of 75% of the corpus after one month of unemployment and the transfer of the remaining 25% to a new EPF Account Following New Employment.
If an employee contributes to the EPF account for five consecutive years, the withdrawal of the EPF corpus is tax deductible.
TDS will be deducted on premature withdrawals from the EPF corpus, but not if the total amount is less than Rs.50,000.
TDS deduction for premature withdrawal is 10% if PAN is submitted, and 30% + tax if not.
EPF status can be checked online or directly through EPFO if the UAN and Aadhar are linked and approved by the employer.
To withdraw the EPF sum, the EPF subscriber must first declare unemployed.
The prior guideline allowed for 100% EPF withdrawal after two months of unemployment.
Following are the Essential EPF withdrawal Rules in 2024: Withdrawal Limits: According to the new regulations, PF Account Holders can withdraw a Sum Equal to Three Months’ Basic pay + Dearness Allowance or 75% of Their EPF Account’s net Balance, whichever is Smaller.
