PF Withdrawal Limit Raised To Rs 1 Lakh: Labour Minister On Government's 100 Days
The withdrawal limit was raised in April this year, increasing the existing eligibility limit of 68J claims from Rs 50,000 to Rs 1,00,000.
Union Labour Minister Mansukh Mandaviya on Tuesday at a press briefing highlighted that the Employees' Provident Funds Organisation had increased the PF withdrawal limit in April this year. The subscribers are now eligible to withdraw up to Rs 1 lakh at a time, a raise from the earlier limit of Rs 50,000.
“People often turn to their EPFO savings to meet expenses such as weddings and medical treatment etc. We have enhanced the withdrawal limit to ₹1 lakh at a time,” Mandaviya highlighted on the occasion of the Modi government's third term completing 100 days, as per multiple media reports.
The new withdrawal limit came into force given that the consumption expenditures have been on the rise, requiring an increase from the previous cap.
The minister also highlighted that the government has made many crucial changes to the EPFO's operations that include a new digital framework and updated guidelines to improve flexibility, reducing inconveniences for the members of EPFO.
Section 68J under which the EPFO allows the members to withdraw a portion of their funds for medical treatment of themselves or family members, states that an individual can claim a withdrawal if they are suffering from tuberculosis, leprosy, paralysis, cancer, mental derangement or heart ailment.
The employee also needs to ensure that they have been granted leave by their employer for treatment of the said illness.
Other provisions under the claims include being allowed a non-refundable advance from their account in the Fund for the treatment of a member of family who has been hospitalised, for one month or more.
