EPFO has made some changes in the rules to help the subscribers during the Corona period. Under this, including withdrawing money from PF account, the amount of insurance etc. has to be increased. This will give relief to the employees from financial problems.
New rules related to EPF account
The Employees’ Provident Fund Organization (EPFO) has made some major changes in order to reduce the financial problems of the subscribers during the Corona period. In this, many announcements related to EPF withdrawal have been made. Under this, EPFO members can also easily withdraw the second installment of PF amount. With this, they will not face any financial problem. Apart from this, some other rules have also been made, this will help people.
You can withdraw up to 75 percent of the amount
Under the new rules of EPFO, now an EPF account holder who has withdrawn money from his PF account in the first wave of Corona can also withdraw money in the second wave of the epidemic. Therefore, EPF account holders can withdraw 75 percent of the EPF balance or both the basic amount and Dearness Allowance (DA) for 3 months.
Those who lose their jobs will also get the facility
According to the announcement of EPFO, an employee who is not in the job for a month or more can also withdraw up to 75 percent of his PF balance. This facility has been given to the account holders to enable them to continue with the pension benefits under the EPFO Pension Rules.
can withdraw money easily
An EPFO member is eligible for COVID advance from his EPF account even after leaving his job, provided the full and final PF withdrawal is not claimed.
Increase in insurance amount
EPFO has increased the maximum insurance benefit under the EDLI scheme from Rs 6 lakh to Rs 7 lakh. Now if an EPF account holder dies while in service, then his nominee or legal heir will get the sum insured.
Aadhar card linking required
EPFO has made it mandatory to link EPF account with Aadhar card. Therefore, employers of employees whose Aadhaar is not linked to EPF account will not be able to deposit the amount of contribution in such accounts. Also, ECR (Electronic Challan-cum-Return) will not be allowed to be filed for such EPF accounts. The last date for EPF link is 1st September 2021, earlier this deadline was 31st May 2021.
Also read: Indians deposited the most money in Swiss banks during the Corona period, a 13-year record broken
There will be no tension to transfer PF account on changing job, these easy ways will work
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