EPFO Update: New Rules Out for PF Account Holders! Check How to Withdraw Money Here

EPFO provisional payroll data has been provided by the Ministry of Labour and Employment. In the month of April 2022, EPFO added 17.08 lakh net subscribers. A year-over-year comparison of payroll data reveals a 4.32 lakh net subscriber growth in April 2022 compared to April 2021.

EPFO Adds 17.08 Lakh Net Subscribers in April, 2022

Around 9.23 lakh new members have come under the social security cover of the EPF & MP Act, 1952 for the first time, out of the total 17.08 lakh new subscribers joined during the month. Approximately 7.85 lakh net subscribers left and re-joined EPFO-covered establishments by changing positions within EPFO-covered establishments and opting to keep their membership under the Scheme by transferring money rather than coming for the ultimate withdrawal of their PF accumulations. During the last four months, the payroll data shows a decreasing trend in members leaving.

According to a review of payroll data by age group, the age group 22-25 years had the most net enrolments in April 2022, with 4.30 lakh additions.

The establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to lead by adding approximately 11.60 lakh net subscribers during the month, accounting for 67.91 percent of total net payroll addition across all age groups, according to a state-by-state comparison of payroll figures.

According to gender research, the net female payroll addition for the month was at 3.65 lakh. During the month of April 2022, female enrolment accounted for 21.38 percent of all net subscriber additions, an increase of 17,187 net enrolments over the previous month of March 2022. The payroll data shows that net female labour enrolment in the organised sector has been increasing over the last six months.

What is the Process of Withdrawing PF Money?

To begin, fill out EPFO Form 14 and send it in. The EPFO account and the LIC policy will then be linked. In this approach, the LIC premium can be paid by the account holder.

The new PF and EPFO conditions must be followed by LIC. To begin, fill out EPFO Form 14 and send it in. The EPFO account and the LIC policy will then be linked. In this method, the LIC premium can be paid by the account holder.

The second stipulation is that you must have at least two months' worth of EPFO premium in your account when filling out Form 14.

The third requirement is that EPFO has only provided this access to account holders who have a LIC policy. Other businesses are not able to use this feature. Account-holders will not be able to make any extra deposits from their EPF accounts.