EPFO, which helps many workers with their savings, has made it easier for people to take money out of their accounts for medical reasons.
They recently changed the rules, allowing subscribers to withdraw more money for treatment.
This change is about how quickly EPFO processes withdrawal requests. Earlier, if you wanted to take out money from your PF account for medical reasons, the limit was Rs 50,000. Now, it’s been increased to Rs 1 lakh.
This means if you need money for medical treatment, and it’s within Rs 1 lakh, EPFO will process your request automatically.
Before, this automatic processing was only for claims up to Rs 50,000. So, it’s now easier for subscribers to get more money when they need it for medical reasons.
EPFO manages a fund for many workers in the private sector. This fund helps provide social security, including PF and EPS benefits.
If you contribute to PF, you can withdraw money if you need it. For example, if you lose your job suddenly, you can apply to withdraw money using Form-19.
People can also withdraw money for other reasons, like buying or fixing a house, marriage, or children’s education.
Medical treatment for yourself or your family is another reason. If you or your family member is in the hospital for more than a month or has certain illnesses like TB, cancer, or heart disease, you can make a claim under paragraph 68J to withdraw money.
