EPF Rule Change: EPFO has recently enabled automatic transfer of EPF account balance from one job to another.
EPF Withdrawal Rule Change: Employees’ Provident Fund Organization (EPFO) has ordered to increase the existing eligibility limit of 68J claims for withdrawal from Rs 50,000 to Rs 1 lakh.
This announcement was made through a circular issued by EPFO on April 16.
The pension fund body has also made changes in the application software on April 10, 2024. It has been told in the EPFO circular that it has already got the green signal from the Central Provident Fund Commissioner (CPFC).
Partial withdrawal of EPF through Form 31 is allowed for many purposes. These purposes include everything from marriage to loan repayment, from buying a flat to construction of a house.
Under Para 68J – the limit in respect of which has just been increased – advance can be claimed from the Employees Provident Fund (EPF) account for the treatment of illness of the subscriber or a family member.
Subject to the limit of Rs 1 lakh, customers are authorized to claim withdrawal of 6 months basic salary and DA (or employee share with interest) whichever is lower.
Along with Form 31, customers must also submit Certificate C signed by an employee as well as a doctor.
What is Form 31?
EPF Form 31 is submitted to file a claim for partial withdrawal of funds from the Employee Provident Fund (EPF) account.
Through Form 31, one can apply for clearance for purchase of house/flat, construction of house including acquisition of site under Para 68B; For repayment of loan in special cases under para 68BB; Advance grant in special cases under para 68H, advance grant for sickness under para 68J; Advance grants for marriage or post-matric education of children under para 68K and to physically handicapped members under para 68N and withdrawal within one year before retirement under para 68NN.
Limit increased under Para 68J?
Para 68J is for withdrawal from EPF account for the treatment of illness of a subscriber or family member.
Let us tell you, EPFO has recently enabled automatic transfer of EPF account balance from one job to another.
