Union Minister of Youth Affairs and Sports, and Labour and Employment, Mansukh Mandaviya, on Thursday clarified the substantial relaxations in the Employees’ Provident Fund Organisation (EPFO) rules.<\/p>\n
These changes are aimed at simplifying the withdrawal process of Employees’ Provident Fund (EPF) and enhancing social security for employees, ANI reported, quoting the minister.<\/p>\n
What is the new rule?<\/p>\n
The major change targets employees who lose their jobs, making it significantly easier for them to access their savings while maintaining their service record.<\/p>\n
Employees can now immediately withdraw 75% of their EPF amount upon losing their employment<\/a>. The remaining 25% can be withdrawn after one year, ensuring that the employee’s 10-year service tenure is not disrupted, thereby maintaining their eligibility for a pension and ensuring social and economic security.<\/p>\n \u201c…EPF withdrawal has been made simpler now…If someone loses their job, then 75% of the amount can be withdrawn immediately, and after one year, the facility to withdraw the entire amount will be available. The idea behind retaining 25% amount for a year is that the 10-year service tenure is not disrupted. With these new reforms, the employee’s service continuity will be maintained, and receiving a pension <\/a>will ensure their social and economic security,\u201d Mandaviya told ANI.<\/p>\n Extended window for fund withdrawal<\/p>\n In addition to the revised withdrawal limits, the government has also extended the period in which members can withdraw their funds after job loss.<\/p>\n The period is stretched from the previous two months to one year, allowing members with more time to secure new employment and maintain job continuity.<\/p>\n New steps to boost enrolment <\/p>\n To broaden the scope of social security benefits, the government has introduced a measure to encourage establishments that previously did not contribute to EPFO to enrol. These establishments can now register with a nominal penalty, making it easier for more employees to come under the EPFO umbrella.<\/p>\n Furthermore, to assist elderly and remote EPFO beneficiaries, the government has established a partnership. A Memorandum of Understanding has been set up with postal services to facilitate the authentication and issuance of life certificates at the beneficiaries’ homes. This initiative eliminates the need for beneficiaries <\/a>to visit EPFO offices, ensuring they can receive their benefits conveniently, ANI reported.<\/p>\n","protected":false},"excerpt":{"rendered":"Union Minister of Youth Affairs and Sports, and Labour and Employment, Mansukh Mandaviya, on Thursday clarified the substantial…\n","protected":false},"author":2,"featured_media":126725,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[79,18,29247,76702,75158,19,17,7474,51111,234,235,1078,76703],"class_list":{"0":"post-126724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-eire","10":"tag-employees-provident-fund","11":"tag-epf-withdrawal","12":"tag-epfo-rules","13":"tag-ie","14":"tag-ireland","15":"tag-job-loss","16":"tag-mansukh-mandaviya","17":"tag-personal-finance","18":"tag-personalfinance","19":"tag-social-security","20":"tag-withdrawal-of-funds-from-epfo"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/126724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=126724"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/126724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/126725"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=126724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=126724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=126724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}