New Delhi5 minutes ago
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PFEmployees’ Provident Fund Organization (EPFO) is working on a plan to provide banking-like services to the customers. According to sources, under the new provisions, 50% of the total deposit amount of Provident Fund (PF) will be able to be withdrawn through ATM like card.
Union Labor Secretary Sumita Dawra has expressed the possibility of starting this service from next year. Union Labor Secretary Dawra said on Friday that in the new system, the heirs of EPFO subscribers who have passed away can also withdraw money from ATM after claim settlement through ATM.
After leaving the job, you will be able to withdraw 75% of your PF money after one month. Under the rules of PF withdrawal, if a member loses his job then he can withdraw 75% of the money from the PF account after 1 month. With this he can fulfill his needs during unemployment. The remaining 25% deposited in PF can be withdrawn two months after leaving the job.
PF withdrawal income tax rules If an employee completes 5 years of service in a company and withdraws PF, then there is no income tax liability on him. The period of 5 years can also be by combining one or more companies. It is not necessary to complete 5 years in the same company. The total period must be at least 5 years. If the employee withdraws more than Rs 50 thousand from the PF account before completion of 5 years in service, then he will have to pay 10% TDS. Whereas if you do not have PAN card then you will have to pay 30% TDS. However, no TDS is deducted if the employee submits Form 15G/15H.
