By Admin 
EPFO New Rules: All the employed people in the country. Almost everyone has a PF i.e. Provident Fund account. Every month, employees deposit 12 percent of their salary in it and the same amount is also deposited by the company. In this way, every month a fixed amount is reserved for the future of the employee.
On which good interest is also available. This amount becomes financial support for them after retirement or after leaving the job. But now the Employees Provident Fund Organization i.e. EPFO has made changes in one of its major rules. Due to which people will take more time to withdraw PF. Know about the new rules.
Now we will have to wait for so many months
Earlier if a person left the job. So after being unemployed for two months, he could withdraw his entire PF balance. That means, full withdrawal facility was available within just two months. But now EPFO has changed this rule and extended this period. Under the new rule, now a member will have to wait for full 12 months after leaving his job.
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Only then will he be able to withdraw the entire amount from his PF account. However, in case of unemployment, permission for partial withdrawal i.e. withdrawal of 75 percent amount will remain as before. EPFO says that this change has been made so that employees do not compromise on their pension and future financial security. Earlier people used to withdraw the entire money as soon as they left the job. Due to which pension eligibility was affected.
It will be easier for employees
EPFO has also simplified the process related to PF withdrawal. Earlier, when an employee retired or wanted to withdraw his money after leaving the job, he had to submit many types of documents for this. It was necessary to submit identity proof, bank details and other documents along with the application. Now this will not have to be done under the new rules.
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That means employees will be able to withdraw their PF without providing any document or reason. EPFO says that this change has been made keeping in mind the convenience of the employees so that they can get easy access to their money after retirement or unemployment.
Also read: Retired people will no longer face problem in withdrawing PF money, EPFO made this change in the rules.