EPFO New Rule: As you all know, for employees working in the organized sector, the amount deposited in PF is a great support for them! If needed, employees can withdraw money from their PF account!
EPFO New Rule: The Employees Provident Fund Organization provides employees with the facility of withdrawing money for different needs! Let us tell you all that the main objective of the Employees Provident Fund Scheme is to financially secure the lives of workers employed in the organized sector after retirement through assured retirement funds and pensions. But employees can withdraw money partially or fully from their Employees Provident Fund account even before the pension scheme matures!
But recently the Employees Provident Fund Organization has changed the withdrawal rules! After this, the tax burden on employees has increased! So let’s know what new rule has been implemented by the Employees Provident Fund Organization! And what will be the effect on the employees, so let’s know in detail….
New EPF Withdrawal Rules 2024
Under normal circumstances, if you keep doing a regular job without any breaks or gaps! So you cannot withdraw provident funds before retirement! But partial withdrawal of funds is allowed in certain circumstances!
Such as medical emergencies, higher education buying or building a house etc. If an employee loses his job, then he can withdraw 75% of EPF after being unemployed for one month and full 100% after two months! But for this, the employee has to tell about his unemployment!
When will you have to pay a 30% tax on withdrawal?
For partial or full tax-free withdrawal of PF funds, the PF subscriber must complete 5 years of contribution under the Employees Provident Fund Organization scheme. But if the withdrawal amount is less than Rs 50,000, then no tax will have to be paid.
If the Employees Provident Fund withdrawal amount within five years of opening the account is more than Rs 50,000, then the Employees Provident Fund subscriber will have to pay TDS of 10%, provided he has a PAN card. Without PAN, this tax liability becomes 30%.
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