PF Withdrawal Made Easier, 2 Crore Employees to Benefit: 10 Facts

The new employees’ provident fund withdrawal norms, initially notified on February 10, would make it tough to access the entire amount if you do not meet the criteria set out.

The Employees’ Provident Fund Organisation. a loan or want to make a partial withdrawal, use form 31. The employer sends these forms to EPFO, which then processes the request. Depending on the type.

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Employees contribute to Provident Fund for post retirement benefits. But when employees change jobs, some of them open a new EPF account and do not operate their old EPF account. As a result, that account becomes inoperative after 3 years. Employees often are not aware of the process of claiming amount from these inoperative accounts.

"It is easier to get a loan than to access your own EPF money. I had no clue where my money was. At one point my employer advised me to withdraw the money. As on March 2013, Rs 22,000 crore was.

The Employees Provident Fund Organisation (EPFO) has introduced the online facility for withdrawal of the fund, which has made the entire process easier and less time-consuming. in the EPF scheme.

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If you invest 1 lakh every year for 30 years at a fixed rate of 8%, you will accumulate 1.13 crore. However, if you start 10 years later, you need to save more than double the amount, around 2.

The Employees’ Provident Fund Organisation or EPFO is planning to launch an online facility for the withdrawal of provident fund (PF) money and pension fixation.. receive close to 1 crore.

According to a report by PTI, the official said that the field offices have been directed that claims must be accepted online in case the amount of provident fund withdrawal is above Rs 10 lakh. In short, homebuyers, who are planning to withdraw a large sum for buying their home will have to make claims online.

When it comes to claiming the EPF amount, one can withdraw the entire amount or apply for partial withdrawal. The withdrawal process can be on the account of marriage, education, purchase of property, home loan repayment, renovation or pre-retirement. Get more Personal Finance News and Business News on Zee Business.

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