Achi news desk-
Under Section 68J of the Employees’ Provident Fund Scheme, EPFO ​​allows its members to withdraw money from their PF accounts during difficult times. For example, if an employee loses his/her job, he/she can withdraw money from his/her PF account by submitting an application under Form-19.
In news that may bring much relief to its members, the Employees’ Provident Fund Organization (EPFO) has changed the rules for PF retirement. Now, subscribers will be able to easily withdraw money from their PF in case of medical necessity.
According to EPFO’s latest circular, this change pertains to the limitation of automatic claim processing (or automatic withdrawal). Earlier, the limit for withdrawal of funds from one’s provident fund under section 68J was Rs 50,000, which has now been increased to Rs 1 lakh.
This means that now, if any account holder requests a withdrawal of up to Rs 1 lakh from his/her PF account for medical purposes, it will be processed in automatic mode. Earlier, this facility was only available for claims up to Rs 50,000.
Under Section 68J of the Employees’ Provident Fund Scheme, EPFO ​​allows its members to withdraw money from their PF accounts during difficult times. For example, if an employee loses his/her job, he/she can withdraw money from his/her PF account by submitting an application under Form-19.
Apart from this, the facility to withdraw money from PF is also available for needs like construction, buying or repairing a house, marriage, education of children etc. Advance withdrawal from PF can be done easily under section 68J.
It is worth noting that if a subscriber, or his dependent is hospitalized for more than a month or suffers from some serious illness such as tuberculosis, leprosy, paralysis, cancer, mental illness, heart condition or more, then a claim for rehab can be filed according to section 68j.
Here’s how you can submit your claims to EPFO ​​online:
- Login to EPFO ​​member portal using your Universal Account Number (UAN)
- Make sure your Know Your Customer (KYC) details are up to date.
- Select the type of claim you want to file from the available options like marriage, home loan repayment, etc.
- Verify your identity by entering the OTP received on your registered mobile number.
Posted: April 18, 2024, 6:49 PM IST
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