EPFO Latest Update: The Employees' Provident Fund Organization (EPFO) has announced an important change, raising the one-time withdrawal limit for Provident Fund (PF) accounts to Rs 1 lakh. This increase is much higher than the earlier limit of Rs 50,000 and is aimed at providing more financial flexibility to members in case of emergency.

Ministerial statement

Union Labor and Employment Minister Mansukh Mandaviya said during a press briefing that if you are an EPFO ​​contributor and there is an emergency situation in your family, then now you can withdraw more amount. This decision reflects the commitment of the government to support the contributors.

Increasing financial flexibility

Mandaviya emphasized that the main objective of this policy change is to increase financial flexibility for EPFO ​​members. Additionally, an important update is that employees can now withdraw their PF within the first six months of starting a new job. Earlier, you had to wait longer, but now, PF contributors can withdraw even in the first six months… it is their money,” he said, indicating ease of access to funds.

New digital system

These changes have been introduced within the first 100 days of the new term of the government. Mandaviya also informed that the government is constantly working to improve the operations of the EPFO ​​so that problems for contributors are reduced. A new digital infrastructure has been introduced, which eases the withdrawal process and ensures faster access to funds for contributors.

Benefits of CPPS to pensioners

In another development, from January 1, 2025, pensioners under the Employees' Pension Scheme (EPS) 1995 will be able to receive their pension from any bank branch in India. This will be possible due to the new Centralised Pension Payment System (CPPS).

Importance of CPPS

The approval of CPPS is an important milestone in modernizing the EPFO. Pensioners will now be able to receive their pension from any bank branch in the country without any hassle, Mandaviya said. This important reform aims to simplify the pension process and enhance the overall experience for pensioners, thereby resolving the issues that have been plaguing the system for years.