EPFO: Now you can easily withdraw 100% PF fund in special cases, these are the rules

Employees Provident Fund Organization (EPFO) has given big relief to crores of its members. The organization has made the process of withdrawing 100 percent amount from PF account easy in special circumstances. Under the new rule, eligible members will now be able to withdraw the entire fund without giving any specific reason. EPFO says that this change will reduce the cases of claim rejection and needy employees will be able to get financial assistance on time.

According to Mint report, EPFO ​​has changed the rules for PF withdrawal as part of member-friendly reforms. Earlier, in special circumstances, to withdraw the entire PF, the member had to give the reason for withdrawal. Besides, in many cases related documents and proofs also had to be submitted. If the reason was not in the valid category, the claim was rejected. Now under the new rule, eligible members will be able to apply in the special case category without giving any reason. This will simplify the process and give employees easy access to their funds.

Under what circumstances can the entire PF be withdrawn?

According to EPFO, 100 percent PF withdrawal has been allowed in some special circumstances. These include lockout or closure of the company for more than 15 days and the employee being unemployed without compensation. Apart from this, if the employee has not received salary for more than two months and the reason for this is not a strike, he can still be eligible. In case of termination, dismissal or retrenchment, if the employee’s case is pending in the court, the entire PF can still be withdrawn. The situation of company being closed for a long time and unemployment also falls in this category. The rules may also apply in cases related to serious illness or family treatment.

What are the rules on general withdrawal?

EPFO has clarified that this facility is only for special circumstances. Under normal circumstances, members will be able to withdraw only a maximum of 75 percent of the amount deposited in their EPF account. In special cases, 100 percent withdrawal will be allowed after completing the eligibility. EPFO believes that this change will provide more convenience and flexibility to employees in using their savings funds in times of economic crisis.

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