The Representatives' Opportune Asset Association (EPFO) has requested to upgrade the current qualification breaking point of 68J cases for withdrawal from ₹50,000 to ₹1 lakh now.
On April 16, the EPFO distributed a circular with the announcement.
On April 10, 2024, the pension fund body also made changes to the application software. This has previously gotten a green sign from the Focal Fortunate Asset Magistrate (CPFC), the EPFO roundabout illuminates.
Form 31 allows partial EPF withdrawals for a variety of reasons. These goals include getting married, paying back loans, buying a flat, and building a house, among other things.
Advances from the Employees' Provident Fund (EPF) account can be claimed for the treatment of illness for the subscriber or a family member by para 68J, for which the threshold has just been raised.
Dependent upon the restriction of ₹one lakh, endorsers are approved to guarantee for withdrawal of a half year's fundamental wages and DA (or worker share with interest) whichever is lower.
Subscribers must also submit certificate C, which must be signed by an employee and a doctor, in addition to Form 31.
Which form is 31 and How to Apply?
To submit a claim for a partial withdrawal of funds from an Employees Provident Fund Account, the EPF form 31 is completed.
Under Paragraph 68B, one can apply for withdrawal on Form 31 for the purchase of a house or apartment, construction of a house, and site acquisition; for the loan's special repayment by Paragraph 68BB; advance for illness under paragraph 68J, and advance in special cases under paragraph 68H; for marriages or children's post-matriculation education under Paragraph 68K, Advances for Physically Challenged Members under Paragraph 68N, and Retirement Withdrawals Within One Year of Retirement Under Paragraph 68NN.