EPF withdrawal News

The government is considering a major change in EPF withdrawal rules that could benefit millions of salaried employees. Under the proposed plan, account holders may be allowed to withdraw their full or partial EPF savings once every 10 years—without having to retire or lose their job.

Over four crore members of the retirement fund body EPFO can now withdraw funds from their EPF account for treatment of illness and purchasing equipment to deal with handicap without medical certificates.  

Nearly four crore members of retirement fund body EPFO will soon be able to settle their claims like EPF withdrawal through mobile application UMANG.  

Retirement fund body EPFO is expected to launch online facility for settlement of claims, including EPF withdrawal and pension fixation, by May this year to put an end to tedious paper work by its members.

Retirement fund body EPFO today deferred till April 30 implementation of new norms that restrict 100 per cent withdrawal of provident fund by members after unemployment of more than two months, among others

Minister of State for Labour and Employment Bandaru Dattatreya said at present, these provisions are applicable only to establishments which employ 20 or more people.

 The government on Tuesday promised to consider demands for a partial rollback of the proposal to tax 60 percent of withdrawals from provident fund and a ceiling on employers contribution but made it clear that PPF will continue to be exempt from tax.  

An online petition against retirement tax has gone viral on social media with nearly 3,000 signups seeking urgent and immediate withdrawal of EPF Tax just a day after it was announced in the Budget.