Big Relief For Private Sector: EPFO May Allow Withdrawal After 10 Years

(MENAFN- AsiaNet News) 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.The central government is reportedly considering a significant change to the Employees' Provident Fund Organisation (EPFO) withdrawal rules. See more details inside.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.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 For employees with less than 10 years, the entire EPF contribution can be withdrawn.Analysts say this move reflects changing employment trends, where many professionals now seek early retirement, career breaks, or starting businesses before 58.Besides this proposed rule change, the government and EPFO have recently made other significant reforms.

MENAFN18072025007385015968ID1109817200