Provident Fund Withdrawal

EPFO has introduced Passbook Lite to let members view contributions, withdrawals and balance in one place, alongside reforms to ease PF transfers and speed up settlements

Many salaried people forget old EPF accounts, leading to lost interest and hassle. Learn how to reactivate dormant EPF accounts and keep your retirement money working for you

Taking out money defeats the purpose of long-term retirement savings, say experts

IT upgrades and simpler process leads to 'less paperwork, faster processing' of claims

In its updated version, the EPFO will allow employees to contribute amounts exceeding the prescribed limit at any time, offering greater financial flexibility to subscribers

Union Commerce and Industry Minister Piyush Goyal on Tuesday asked the real estate industry to provide guaranteed ESIC and provident fund registrations for 7 crore people working in this sector, besides adopting new form of construction process for fast project execution with less pollution. Addressing an event organised by realtors' apex body CREDAI here, he also asked India Inc, including realty firms, to set up manufacturing facilities for construction equipment to make India self-reliant. "I urge you to kindly think about this in very serious terms... can we ensure a guaranteed ESIC and provident fund registration of all these 70 million workmen and women (working in this sector)," Goyal told real estate players. He asked the CREDAI to come out with a resolution on November 25, when the association will celebrate its 25 years, after extensive stakeholder discussions with its 14,000 members. Goyal said there are many positive impacts if industry ensures guaranteed ESIC and PF ..

Budget 2024: For the Provident Fund, the current limit of Rs 15,000 came into effect after the wage ceiling for coverage was revised almost a decade ago in September 2014

To ease the life of Employees' Provident Fund (EPF) members, the EPFO has eased the rules of auto-settlement for medical claims, education, marriage and housing

Complete withdrawal is allowed when an individual retires or remains unemployed for more than two months

Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24. In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The EPFO's apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday, a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2023-24 will be sent to Ministry of Finance for concurrence. After th

EPF members may present their withdrawal or transfer claims both offline and online. The members can view the progress of their EPF claims online no matter how they have submitted their application

Invest in a mix of small savings products, debt funds with quality portfolios to counter declining rates

Utilise the relaxed phase to complete unfinished tasks on personal finance agenda

The usual advice is that one should not withdraw from their EPF account because it hurts the retirement corpus

The top firms which saw the highest amount of applications for EPF advance withdrawal were TCS (9,373 employees), HCL Technologies (6,938) and NLC (3,255)

EPFO has been releasing the payroll data or new subscribers data since April 2018, covering a period starting from September 2017

Withdrawal claims worth Rs 280 crore has been settled in the past 10 days

FM Nirmala Sitharaman on Mar 26 announced amendment in the EPFO regulation to allow employees withdraw up to 75% of their corpus as non-refundable advance, or 3 months' basic salary, whichever us less

The requirement of the two-month waiting period will not apply in cases of female members resigning from services of the establishment for purpose of getting married

EPFO further said that PF money aimed at social security benefit and people should not treat it like a bank account