The Employees Provident Fund Organisation (EPFO) is one of the World’s most extensive Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. It is reliable for regulations and management of prepared funds in India, the other being Employee State Insurance. Reportedly, the EPFO has ordered to improve the existing eligibility limit of 68J assertions for withdrawal from Rs 50,000 to Rs 1 lakh now. It has been announced by the EPFO on 16 April 2024. Here we have more information about the news and we will share it with you in this article.
The assistance fund body made the modifications in the application software on 10 April 2024. This has obtained a green signal from the Central Provident Fund Commissioner (CPFC), the EPFO brochure informs. The Employees Provident Fund partisan retreat is permitted through from 31 for several goals. These goals range from marriage to refund of loans and buying of flats to the construction of the house and other things. Under para 68J, the threshold has just been extended from the employee’s provident fund (EPF) account can be claimed for the medicine of illness of the subscriber or the family members. You are on the right page for more information about the news.
Matter to the limit of Rs 1 lakh, subscribers have been allowed to assert for withdrawal of six months’ primary wages and DA (or worker share with interest) whichever is lower. For Form 31, the subscribers must submit Certificate C signed by the employee and by the doctor. Currently, the news has been making the rounds on the internet as they want to know about Form 31.
What is form 31?
The employee’s provident fund (EPF) from 21 is presented to file an assertion for partial withdrawal of funds from the employee’s Provident Fund Account. Through Form 31, one can use for withdrawal for buying the house/flat building house including the acquisition of site under para 68B, for a refund of the loan in special cases under para 68BB; offering of advances in special cases under para 68H, advance for illness under para 68J, for wedding or post-registration education of children under para 68K and grant of advance to members who are physically challenged under para 68N and withdrawal one year before retirement under para 68NN. In this article, you will get the complete information about it.
What is para 68J under which the limit has been raised?
Now people must be keen to know about para 68 J. As per the report, para 68 J is meant for exit from the EPE account for the medicine of illness of a subscriber or the family members. In other news, The Employees Provident Fund Organisation promoted the automatic transfer of EPE account balance from one job to another job. This is the normal procedure across organisations but not anymore. For the automatic transfer, the employer needs to give his UAN and Aadhaar card to PERDA must be the same as the pension fund authority has in their data. The mobile number must be connected to the UAN. Don’t forget to read the full article till the end.
Para 68 B of the EPFO rules permits withdrawals for purchasing and building a house through cooperative societies, Housing Finance Corporation, and other supporters. Assertions can also be made for land purchases for houses. For this purpose, the worker account must be open for at least five years. Para 68BB is a rule of repayment of loans. An EPE member can withdraw only for a refund of the special principal and interest of a loan for an agency. Here we have shared all the information that we had. Stay tuned to us for more updates.
