EPF withdrawal limit: EPFO has changed the rules for withdrawing money. Now the EPF withdrawal limit has been doubled. However, EPFO has doubled the amount to withdraw money for treatment.
EPFO New Rules: If you are also employed then there is news beneficial for you. Those employed by EPFO have got a big relief. EPFO has changed the rules for withdrawing money. Now the EPF withdrawal limit has been doubled. However, EPFO has doubled the amount to withdraw money for treatment. Let us tell you how much money you can withdraw now?
EPFO has changed the rules for medical related advance withdrawal. Earlier this claim limit was Rs 50,000 and now it has been increased to Rs 1 lakh. This came to light from the circular issued on April 16. According to the circular issued by EPFO, now you can withdraw Rs 1 lakh.
Form 31 is required for partial withdrawal.
EPFO has doubled the limit for withdrawal of money under para 68J of Form 31. Form 31 of EPF is for partial withdrawal. This form is used for premature withdrawal of money for many purposes. In this you can withdraw money to build a house, buy a house, get married and get treatment.
Under what circumstances can one withdraw Rs 1 lakh?
Para 68J of Form 31 is used to withdraw partial amount for the treatment of illness. Under this, earlier you could withdraw only Rs 50,000, but now you can withdraw Rs 1 lakh. But while withdrawing the money, you have to keep in mind that the employee cannot withdraw his 6 months’ bequest and DA or employee’s share along with interest. But yes… if you have funds of Rs 1 lakh in your account above this amount, then you can withdraw it.
Under what circumstances can a claim be made?
According to EPFO, account holders can use this money only for life-threatening diseases. You can also withdraw money when the employee or his patient is admitted in the hospital. Let us tell you that it is necessary for the employee to be admitted to a government hospital or any hospital associated with the government. At the same time, if you have admitted the patient to a private hospital, then he will be examined first and then you can make a claim.
