PF Withdrawal | Top 5 Updates | Partial Withdrawals | EPFO Latest News – Employees Provident Fund Organization (EPFO) has advised shareholders not to take out all the money for their provident fund for unnecessary reasons. He says that in doing so, people will be deprived of such benefits, which require a regular subscription.
The EPFO further said that the fund of the provident fund is for social security and people should not use it as a bank account.
Only Withdraw PF Money If You Really Need It
We want to convey all our members not to be tempted to make final withdrawals from their Provident Fund balances unless and until it is really necessary. They should continue to live with the fund until they retire from service, that is our primary objective.
“We are discouraging people withdrawing in full for petty reasons because they are not only losing on their PF money, they are also losing out big time on old age security and pension,” V Ranganath, Additional Commissioner, Central PF Commissioner, Punjab and Himachal Pradesh, said.
Partial withdrawal is the only advance payment
For example, you left a job in some place and you are not getting a job anywhere and you want to be returned to you whatever amount you have. We call up the partial withdrawal, and there is no impact on membership. ”
Important information for PF account holders
EPFO said that the shareholders should retain the funds till they become retired. This is our primary goal.
Additional Commissioner of the Central PF Commission (Punjab and Himachal Pradesh) V Ranganath said, “We are discouraging people from extracting the full amount for minor reasons.”
They said that people not only lose the money of PF but are also hand-washing by old age protection and pension. The withdrawal here means the last payment.
Ranganath said that we call the partial withdrawal as the advance payment and there is no impact on membership.
The EPFO has started a new facility for its 45 million members in the past. Under this, shareholders of EPFO will be able to connect 10 old accounts with UAN at one go.