EPF Withdrawal New Rules 2024: By investing in EPFO, you can deposit a huge fund after retirement. Although the EPFO fund matures after retirement, but in some cases, the facility of partial withdrawal is also available in it. EPFO has amended the withdrawal rules. If you are also thinking of withdrawing from EPF fund, then you must read this news.
If you do a job, then you must be depositing a fixed amount of your salary in EPFO every month. Although the amount deposited in EPFO matured after retirement, but money can be withdrawn from EPFO in times of need.
Yes, EPFO facilitates its members to withdraw from EPF fund in times of need. However, a limit has been fixed for partial withdrawal. If you are also thinking of withdrawing money from EPF account, then let us tell you that recently EPFO has amended the withdrawal rules (EPF Withdrawal Rules 2024).
EPF Withdrawal New Rules 2024
The EPF member will have to apply online for partial withdrawal from EPF. Withdrawal can be done only for education, house purchase or construction, marriage and treatment.
According to the withdrawal rules of EPFO, the EPF holder can withdraw up to 90 percent 1 year before retirement. For withdrawal of 90 percent, the age of the member should be more than 54 years.
In today’s time, there is retrenchment in many companies. In such a situation, according to the rules of EPFO, if there is a retrenchment and the employee becomes unemployed before retirement, then he can withdraw money from the EPF fund. The employee can make a full withdrawal of 75 percent after one month of unemployment and after being unemployed for 2 consecutive months. At the same time, after getting a new job, the employee can transfer the remaining 25 percent of the fund to the new EPF account. If an employee contributes to EPF for 5 consecutive years, then he also gets tax benefit at the time of withdrawal. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted on withdrawal of less than Rs 50,000.
Let us tell you that if the member has submitted PAN Card for withdrawal, then 10 percent TDS is deducted. At the same time, 30 percent deduction is made if PAN card is not submitted.
Also Read- Modi govt is preparing for a big change in EPFO, increasing pension and preparing for partial retirement withdrawal
Where to apply for partial withdrawal
For partial withdrawal, EPF member has to apply on EPF portal and Umang app. After getting approval from the employer, money comes into the member’s bank account. After applying for partial withdrawal, the member can also check the status.
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