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EPFO Reform Explained: The government has simplified the PF withdrawal process, allowing members to withdraw up to 75% of their Provident Fund easily through the official EPFO portal. Here’s everything you need to know about eligibility, steps, and key guidelines.
EPFO Reform Explained: How You Can Withdraw 75% of Your PF
The Employees’ Provident Fund Organisation (EPFO) has announced a major reform that allows contributors to withdraw up to 75% of their Provident Fund (PF) in certain situations. This decision aims to provide financial relief and improve access to savings during emergencies or job loss.
What Is the New EPFO Rule?
As part of this reform, employees who remain unemployed for over one month can now withdraw 75% of their accumulated PF balance. If unemployment continues beyond two months, the remaining 25% can also be withdrawn. The new structure makes it easier for workers to manage financial challenges without lengthy procedures.
How to Withdraw 75% of Your PF
The EPFO has made the withdrawal process simple and digital. Members can visit the official EPFO portal (epfindia.gov.in), log in using their UAN (Universal Account Number), and select the “Online Claim” option. After verifying KYC details and linking their Aadhaar and bank account, they can submit a request to withdraw up to 75% of their PF balance.
Why the EPFO Reform Matters
This change is a significant step toward strengthening the social security framework for Indian workers. It ensures that employees have immediate access to funds in times of crisis. Financial experts believe this will help families manage short-term needs without resorting to loans or credit cards.
Important Note
Before applying, employees should ensure that their KYC, Aadhaar, and bank details are correctly updated in the EPFO portal. Any mismatch may delay the claim approval process.
Disclaimer
This article is for informational purposes only. Please verify the latest rules and eligibility conditions through the official EPFO website or your HR department.
FAQs: EPFO Reform Explained
1. Who can withdraw 75% of their PF balance?
Employees who remain unemployed for more than one month are eligible to withdraw 75% of their PF savings.
2. How can I withdraw PF online?
Log in to the EPFO portal using your UAN, verify your KYC details, and submit a claim request under the “Online Services” section.
3. Can I withdraw the remaining 25% of my PF later?
Yes, after two months of unemployment, the remaining 25% balance can also be withdrawn.
4. Are there any charges for PF withdrawal?
No, EPFO does not charge any fee for online PF withdrawals through its official portal.
