13 lakh people withdrew PF amount, so do post-lockdown planning

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New delhi date. Wednesday, April 29, 2020

Account holders of PF account are withdrawing money quickly by taking advantage of the discount due to lockdown. According to the Employees Provident Fund Organization (EPFO) of the Ministry of Labor and Employment, 13 lakh account holders have availed the facility so far and Rs 4,684.52 crore has been disbursed.

It may be mentioned that in the current circumstances, people are taking help of PF fund due to financial constraints. However, it is also a fact that it will disrupt future planning. Under these circumstances it is necessary to strengthen the PF fund once again after the situation normalizes so that some capital can be accumulated in the future.

To increase the monthly contribution of PF fund

After coming out of the corona crisis you can request to increase the monthly contribution to PF at the place where you work. According to the Employees Provident Fund Act, any member of EPFO ​​can increase his monthly contribution in PF.

It can be as much as 100 percent of your basic salary. Every month PF gets about 12 per cent employee contribution of basic salary and DA while 12 per cent is company contribution. Increasing the contribution in EPF gives the employee an exemption in tax under Section 80C of the IT Act.

However, increasing the PF contribution will lower your take home salary but this is a good step to make the future better. A new sub para (3) has been added to the EPF scheme 1952 para 68 L due to the Corona crisis.

Under this, the account holder can withdraw up to 75 per cent of the amount deposited in the account or whichever is less from the three-month dearness allowance. Once the money is withdrawn, there is no need to re-deposit it in the account.

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