New EPF withdrawal facility
New Delhi. The process of withdrawal from the Employees Provident Fund (EPF) has now been further simplified. Now in any emergency, account holders will be able to withdraw up to five lakh rupees within 72 hours. Earlier this limit was one lakh rupees, which has been increased to five lakh rupees. Union Labor and Employment Minister Mansukh Mandavia announced this change on 24 June.
This decision was taken in the 113rd meeting of the Executive Committee of EPFO held in Srinagar on 28 March. Under the new process, an option of auto settlement will be adopted to withdraw money from PF in emergency. The process of withdrawing money in this system will be automatically met, which will make the minimum requirement of the authorities.
In addition, the government is planning to further improve the PF withdrawal process. Under this, PF account holders will be provided cards like bank ATMs, so that they will be able to withdraw money from their account easily.
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