EPFO’s Big Move: Unlocking 75% of Your Provident Fund Savings for Key Life Events!
The Employees’ Provident Fund Organisation (EPFO) has introduced a new policy allowing members to withdraw up to 75% of their provident fund savings for essential needs like education, marriage, and medical expenses. This move aims to provide financial support to subscribers during critical life events.
Key Highlights:
Increased Withdrawal Limit: Members can now withdraw up to 75% of their EPF savings for specific purposes.
Simplified Rules: The EPFO has merged 13 rules into three categories: essential, housing, and special needs.
Reduced Service Eligibility: Members can withdraw funds after just 12 months of service.
No Reason Required: No reason is needed for withdrawals under special circumstances.
Benefits:
Financial Support: Members can use the withdrawn amount for critical life events like education, marriage, and medical expenses.
Increased Flexibility: Members can now withdraw funds more frequently.
Minimum Balance: 25% of the provident fund savings will be kept as a minimum balance for retirement.
Special Circumstances:
Medical Needs: Withdrawals allowed for medical treatment of self, spouse, children, or parents.
Education: Withdrawals allowed for higher education expenses.
Marriage: Withdrawals allowed for marriage of self, children, or siblings.
This move is expected to provide relief to millions of EPFO subscribers and help them meet their financial needs during critical life events.
Team- Intellex Strategic Consulting Private Limited
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