Big Relief for Private Sector: EPFO May Allow Withdrawal After 10 Years
The central government is considering a plan that would allow employees to withdraw a portion or all of their PF account balance every 10 years. This would provide relief to nearly 7 crore private sector employees.
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EPFO Withdrawal Rules
The central government is reportedly considering a significant change to the Employees' Provident Fund Organisation (EPFO) withdrawal rules. See more details inside.
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PF Rules for 10 Years of Service
If approved, this plan will provide relief to nearly 7 crore private sector employees. The new scheme aims to introduce a rule allowing full or partial withdrawal of EPF savings once every 10 years after completing a decade of service.
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Full EPF Withdrawal Rule
Currently, the EPFO offers pension benefits to those completing at least 10 years of service. For employees with less than 10 years, the entire EPF contribution can be withdrawn.
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Retirement Security
Analysts say this move reflects changing employment trends, where many professionals now seek early retirement, career breaks, or starting businesses before 58.
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Upcoming New Changes
Besides this proposed rule change, the government and EPFO have recently made other significant reforms.
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