By Admin 
EPFO New Rules: Crores of employees in the country have PF accounts. In these, a fixed amount is deposited every month on which interest is also received. After retirement, people can withdraw the money deposited in their PF account. Employees Provident Fund Organization i.e. EPFO has now changed the rules for this.
With this step, retired people will not face any problem in withdrawing money. Rather, the process will become easier and safer than before. How will retired EPFO employees benefit from the new rules? What is this new change? Let us tell you the complete information.
What does the new rule for PF withdrawal say?
For all the PF account holders in the country, it has now become easier than ever to withdraw PF after retirement. Earlier, employees had to submit many types of documents to withdraw money. But now under the new rules this will not have to be done. That means members will be able to withdraw their money without providing any document or reason. According to the current rules, if a person is unemployed for one month.
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So he can withdraw up to 75 percent of his EPF balance. The remaining 25 percent can be withdrawn later. Union Minister Mansukh Mandaviya said that this change has been made keeping in mind the convenience of the employees and their financial security after retirement. The new rule has not only simplified the withdrawal process but has also increased transparency.
It will be necessary to maintain minimum balance
Employees will have to keep at least 25 percent of the amount in their EPF account as minimum balance. This is so that members continue to get the benefit of 8.25 percent annual interest and compounding. Earlier people used to withdraw the entire money as soon as they left the job. Due to which his pension duration was broken. Minimum ten years of service is required for pension.
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With this rule, members will now be able to continue their service period and the amount of pension they will receive in future will also not be affected. According to EPFO, this change will not only provide financial security to retired employees. Rather, they will also get the benefit of interest and long-term stability.
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