InvestorQ : What are the new EPF withdrawal rules announced by the government to tackle the situation of pandemic?
Radhika Arya made post

What are the new EPF withdrawal rules announced by the government to tackle the situation of pandemic?

Answer
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Anisha Awate answered.
6 months ago


A major relief has been announced by the government for the salaried individuals as it has announced several measures to tackle the prevailing situation: In the EPF account, the employee’s and employer’s contribution of 12% each shall be paid by the government for the next 3 months.

There has also been a proposal to permit non-refundable advance to employees out of their PF balances as this will help the employees to tide over their liquidity issues. According to the said proposal, employees will be able to withdraw up to 75% of the total fund maintained in EPF account or an amount equal to 3 months' wages, whichever is less.
The benefits have not been established for all the organizations, only organizations employing up to 100 employees and 90% of these employees must be earning less than 15000 per month.