The government has changed the rules related to PF accounts, now you can withdraw more money.

The government has made significant changes to the Employees' Provident Fund (EPF) rules, increasing the cash withdrawal limit to give people more convenience in accessing their funds. Under the new rule, people can now withdraw up to ₹ 1 lakh from their EPF account in an emergency, up from the previous limit of ₹ 50,000. Labor Minister Mansukh Mandaviya shared this update on Tuesday, saying that the change is aimed at helping those who need money for immediate expenses such as marriage, medical treatment, or other essential needs.

Easy access to EPF funds in emergencies

Often, individuals face sudden financial needs, such as paying medical bills or building a house. To deal with these situations, the Employees' Provident Fund Organization (EPFO) has taken this decision to allow people to easily withdraw more funds during an emergency. Previously, the maximum withdrawal was limited to ₹50,000, but now individuals can withdraw up to ₹1 lakh. This adjustment reduces the waiting time for those who need more money from their PF account during urgent situations.

Withdrawal within the first six months of employment

In another significant change, employees can now withdraw funds from their PF account within the first six months of joining a job. This option was not available under the previous rules, and it provides individuals with more flexibility in the early stages of their employment. These changes are aimed at providing greater financial ease and security.

Certain companies can run private retirement schemes

The government has allowed certain companies, which are not part of the EPF scheme, to join state-run retirement fund managers. Additionally, companies that had set up private retirement funds before the inception of the EPF in 1954, can continue to run their schemes, as they are exempted from mandatory EPF participation.

EPF plays a vital role in securing the future of millions of employees, especially those in the organised sector, by providing retirement pension. For many, it is the main source of lifelong savings. For the financial year 2024, the EPF interest rate has been fixed at 8.25%.

How to check your PF balance

To check your PF balance, follow these steps:

Visit the official EPFO ​​website https://www.epfindia.gov.in.

Under the "For Employees" section, go to "Services" and select "Know your EPF Account Balance".

Log in by entering your UAN number, password and captcha code.

After logging in, you will be able to view your PF account balance.

These changes are designed to make EPF withdrawals more accessible and flexible, to ensure that individuals can access their savings when they need it the most.