The Employees’ Provident Fund Organisation (EPFO) has increased the withdrawal limit of provident fund (PF). If you also plan to withdraw your PF for personal needs, you can withdraw up to Rs 1 lakh. Earlier, the PF withdrawal limit was Rs 50 lakh, Union Labour and Employment Minister Mansukh Mandaviya said at a press briefing on Tuesday, September 17.
“If you are an EPFO contributor and there’s a family emergency, you can now withdraw a higher amount. The one-time withdrawal limit has been raised,” said Mandaviya.
PF is intended to be withdrawn once when a person retires. However, some Provident Fund withdrawal restrictions allow individuals to use the accrued funds for emergency needs.
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You can now withdraw PF within the first 6 months of the new job
Mandaviya revealed that the government has eased the laws, enabling employees to leave within the first six months of starting a new job.
“Previously, you had to wait longer, but now, PF contributors can withdraw even in the first six months… it’s their money,” he said, adding that these updates were introduced within the first 100 days of the new government’s term.
You can withdraw PF for the following needs:
- Marriage purpose
- Education
- For specially-abled individuals
- In case of unemployment
- Medical emergencies
- Home renovation etc.
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Documents required for PF withdrawal
- UAN (Universal Account Number)
- Identity and address proof
- Bank account details of the EPF subscriber
- Cancelled cheque with IFSC code and account number
