Friday, July 26, 2024

Rules for taking money out of your PF account have changed! this facility closed by EPFO

For those who work, a pension can be a major source of retirement income. When you retire, the monthly amount withheld from your pay grows significantly. The government organization in charge of managing this fund, the Employees Provident Fund Organization (EPFO), has changed the guidelines significantly for cash withdrawals from PF account. The procedure for withdrawing an EPF advance has been modified by EPFO. With immediate effect, EPFO has decided to halt the COVID-19 advance.

PF account

The guidelines for taking money out have altered.

For millions of PF account holders, EPFO has changed significantly. Currently, EPFO no longer offers the COVID-19 advance facility. We should inform you that this facility was established during the coronavirus outbreak. Throughout the Corona pandemic, EPFO provided account holders with the ability to take money out of their PF account as an advance. Which has now been discontinued. Information about this was given by issuing a notification on June 12, 2024. According to the notification, COVID-19 is no longer an epidemic, so it was decided to stop the service of advance withdrawal with immediate effect.

PF account

During the COVID-19 epidemic,

holders of Employees’ Provident Fund accounts had the option of making advance withdrawals. The purpose of this institution is to give people financial assistance. PF shareholders were allowed to take two withdrawals from their PF accounts under this arrangement. Shareholders have the option to withdraw non-refundable advance money during the first wave of Corona. Following this, on May 31, 2021, advance withdrawal was once more permitted during the second wave of Corona. More than two crore users made use of this service during the pandemic.

PF account

When is it possible to take money out?

Investors can take prepayments from their PF account. Before the account matures, you can take money out of it. You can take out cash for things like buying a house or land, repairing the house, paying home loans, marriage of family members or yourself, education of children, etc.

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