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Withdraw Up To Rs 1 Lakh PF Within 6 Months Of Joining: Employees Provident Fund Organization (EPFO) subscribers no longer have to worry about money in times of emergency. The central government has brought a new rule for the employees. Rather than saying this, it is more reasonable to say that the existing rule has been made easier. Now, employees can withdraw up to one lakh rupees at a time for their personal financial needs. Earlier Rs. 50,000 limit which is double the money. A few days ago this new rule (change in the existing rule) came into force. Union Labor Minister Mansukh Mandaviya himself announced this.

Money can be taken even if six months are not completed.
This decision is a part of wider reforms to make EPFO ​​more convenient & user-friendly. Lakhs of employees will benefit from this crucial change. Even new employees who have not completed six months of their current job can now withdraw money from the PF account. This facility was also not available in the past. This new rule will protect the employees in cases like marriage and medical treatment like a bond, without any financial problems.

EPFO is an important part of the retirement savings of more than one crore employees in the organized sector. The government is offering an 8.25 per cent interest rate on PF accounts for the financial year 2023-24 (PF interest rate 2023-24). This interest rate is crucial for middle-class wage earners. Because it directly affects their lifetime savings.

Old companies also come under EPFO...
The government has also brought another key reform. Earlier, the government had given a green signal to shift companies excluded from EPFO ​​partnership to public sector 'retirement fund managers'. These exempted organizations are mainly pension schemes that predate the formation of EPFO ​​in 1954. Those organizations can now opt for the option of coming under EPFO.

Currently, there are 17 such companies. About one lakh employees are working in them, Rs. 1,000 crore corpus. The government will allow those companies to come under EPFO ​​if they wish. Due to this, those employees will get better & stable returns in the form of provident funds.

The current Rs. The central government is also working to increase the income limit of 15,000. Those on this must contribute to the Provident Fund. Employees earning more than Rs 15,000 now have more flexibility to decide how much of their income they want to set aside for retirement savings & pension. Moreover, applicable to Employees State Insurance (ESI) Rs. Plans to raise the 21,000 threshold are also on the table for the central government.