2 weeks Ago
The Employees’ Provident Fund Organisation (EPFO) has increased the one-time withdrawal limit for provident fund (PF) accounts to ₹1 lakh. This is a jump from the previous limit of ₹50,000. Union Labour and Employment Minister Mansukh Mandaviya made the announcement during a press briefing on Tuesday, September 17.
"If you are an EPFO contributor and there's a family emergency, you can now withdraw a higher amount," Mandaviya was quoted as saying in media reports. He explained that this decision is aimed at providing greater financial flexibility to contributors during urgent situations. Another key update is that employees can now withdraw their PF within the first six months of starting a new job.
"Previously, you had to wait longer, but now, PF contributors can withdraw even in the first six months...
it’s their money," Mandaviya was quoted as saying in the reports. These changes have been introduced within the first 100 days of the government’s new term. Mandaviya also emphasised that the government is working to improve EPFO operations, reducing hassles for subscribers.
A new digital framework has been introduced, streamlining the withdrawal process and allowing quicker access to funds. In a separate development , starting January 1, 2025, pensioners under the Employees’ Pension Scheme (EPS) 1995 will be able to access their pensions from any bank branch across India, thanks to the introduction of the new Centralised Pension Payment System (CPPS). This system, approved by Union Minister Mandaviya, will benefit over 78 lakh pensioners.
It eliminates the need for Pension Payment Orders (PPOs) to be transferred when retirees move or change banks, solving a long-standing issue for pensioners. “The approval of the CPPS is a crucial milestone in modernizing the EPFO. Pensioners will now enjoy a hassle-free experience, receiving their pensions from any bank branch in the country,” said Mandaviya.
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