If you are an EPFO subscriber, this news can be very useful. EPFO has given huge relief to job seekers.
EPFO has made a significant change in the rules for withdrawing money. Now, the withdrawal limit has been doubled. However, EPFO has doubled the amount to withdraw money for treatment. Let us tell you how much money you will be able to withdraw.
EPFO has changed the rules for withdrawing money in advance for medical treatment. Earlier, this claim limit was Rs 50,000, and now it has been increased to Rs 1 lakh. This will be known from the circular issued on April 16. According to the circular issued by EPFO, you can now easily withdraw Rs 1 lakh.
Form 31 Will Have To Be Filled For Partial Withdrawal
EPFO has doubled the limit for withdrawal under Form 31. EPFO requires Form 31 for partial withdrawal. This form is used for premature withdrawal of money for many purposes. You can withdraw money to build a house, buy a house, get married, or for treatment.
Know When You Can Withdraw Rs 1 Lakh
Partial withdrawal of money is used to treat illness. Under this, you could first withdraw only Rs 50 thousand, but now you can easily withdraw Rs 1 lakh. However, while withdrawing money, you must remember that employees cannot withdraw their 6 months’ basic and DA or employee share along with interest. If there is more than Rs 1 lakh in your account, you can withdraw it.
Under What Circumstances Can A Claim Be Made?
According to EPFO, account holders can use this money only if ill. That is, only then can you withdraw money. When employees or patients are admitted to the hospital, the employee needs to be admitted to a government hospital or any hospital associated with the government. On the other hand, if you have admitted the patient to any private hospital, check it beforehand, and you can also claim it.
