EPFO Update: First-time job seekers will now receive ₹15,000 from the government..

If you are about to start a new job, there's great news for you! The Ministry of Labour and Employment has tweeted that under the Pradhan Mantri Viksit Bharat Rozgar Yojana (Prime Minister's Developed India Employment Scheme), the government will now provide an incentive of ₹15,000. Let's tell you all the details.

According to the tweet from the ministry, if you are starting your first job, meaning you are registering with EPFO ​​for the first time, you will receive ₹15,000 under this scheme. More information about this scheme can be found at pmvry.labour.gov.in. According to the ministry's tweet, this scheme is only for those who are registering with EPFO ​​for the first time.

How to avail the benefit

To avail of this scheme, you need to be registered with EPFO. This means that when you start a job, your EPFO ​​account is opened. As soon as the account is opened, you are registered with EPFO. It then gets linked to your PF account. After this, you receive the benefit of this scheme as an incentive. You can register yourself for this scheme by visiting pmvry.labour.gov.in. This process can be done online from the comfort of your home.

PF Withdrawal Rules

This was for those starting their first job. If you are already registered with EPFO ​​and need to withdraw money from your PF account, let's tell you when, how much, and how you can withdraw it. According to the new PF rules, withdrawing money from your PF account is now easier than before. EPFO ​​is also soon going to provide a facility for withdrawal using ATM cards. According to the new PF rules, you can withdraw money for your or a family member's marriage, for buying or repairing a house, for your children's education, and for medical expenses.

When and how much money can be withdrawn?

Now that we've talked about withdrawing money, let's tell you how much money you can withdraw for each purpose. The timing and amount of money you can withdraw from your PF account depend on your needs. If you lose your job, you can withdraw 75% immediately and the remaining 25% after 12 months.  Withdrawals are also possible in special circumstances such as buying a house, marriage, illness, or retirement, subject to certain terms and conditions. 75% Withdrawal: You can withdraw 75% of your total PF amount immediately after losing your job. 100% Withdrawal: After 12 consecutive months of unemployment, you can withdraw the remaining 25%, along with the entire amount. In case of marriage, you can withdraw up to 50% after 7 years of service, either for yourself or your family. For medical treatment for yourself or your family, you can withdraw the entire amount (or 6 months' salary), and there is no service period requirement for this.

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