The central government may soon bring a big change in the rules of the Employees’ Provident Fund Organization (EPFO). A report says EPFO has suggested that members can take full or part money once every 10 years. If this starts, more than 70 million private job workers will get the benefit. The new plan will make it easy for members to take money after 10 years of service.
This step will also help people who wish to retire early. They will not need to wait until the age of 58 years to take their savings.
Why Change in EPF Withdrawal Rules is Needed
At present, members can take full money only after retirement at 58 years. Another option is when a person stays jobless for two months after leaving work. But many people in the age group of 35–40 years face problems. They want to change jobs or cannot keep a stable job.
Experts say this change is needed because not all members reach retirement age in formal jobs. This rule will help such workers get money in time for their needs.
Recent Changes in EPFO
EPFO has already made some changes to make life easy for its members. These updates give faster access to money during need.
| Change | Earlier Rule | New Rule |
| Instant withdrawal | Not possible | Up to ₹1 lakh through UPI or ATM |
| Auto-settlement limit | ₹1 lakh | ₹5 lakh |
The instant withdrawal option helps people in emergencies. The higher settlement limit means no need for physical checks in small claims.
Who Will Benefit?
This new rule will help many groups of people. Some examples are:
- People who worked for 10 years but do not want regular jobs anymore.
- Young people who plan to retire early.
- Members who want to use savings for personal needs after 10 years.
Conclusion
The new EPFO rule can bring big relief to workers. Members will no longer need to wait till 58 years to get their savings. With easy withdrawal after 10 years, many workers can plan early retirement or handle life changes better. It shows the government is trying to make EPFO more flexible for today’s workforce.
Disclaimer: This article is for general information only. The rules and policies of EPFO may change after official approval by the government. Readers should check the latest updates from official sources before making any financial decisions.