EPFO Update: First-timers will now get Rs 15000 from the government, what is the EPFO ​​update?

  • Important news for first time job seekers
  • 15000 rupees to be received from the government, what is the update of EPFO
  • Know what the rules are…

If you are about to start a job, there is good news for you. In this regard, the Ministry of Labor and Employment has tweeted that, Pradhan Mantri Vikas Bharat Rojgar Yojana (PMVY), the government will now provide an incentive of ₹15,000. What’s in this update? Let’s know the detailed news…

According to a tweet issued by the ministry, first-time employees i.e. first-time EPFO ​​enrollees will get 15,000 under the scheme. You can get more information about this scheme at pmvry.labour.gov.in. According to the ministry’s tweet, the scheme will only benefit first-time enrollees with EPFO.

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How to take advantage

To avail this scheme, you must be registered with EPFO. This means that when you start a job, you have to open an EPFO ​​account. Once you open an account, you are registered with EPFO. It is then linked to your PF account. Then you get the benefits of this scheme as an incentive. To avail this scheme, you can register yourself by visiting pmvry.labour.gov.in. You can also complete this process online from home.

PF Withdrawal Rules

The benefit of this scheme is only for the first time employee. If you are already registered with EPFO ​​and want to withdraw money from your PF account, it is important to know when, how much and how you can withdraw. With the new PF rules, withdrawing money from your PF account has become easier than ever. EPFO ATM card withdrawal facility will be provided soon. As per the new PF rules, you can withdraw money for your or your family’s wedding, home purchase or renovation, your children’s education and illness.

When and how much can you withdraw?

It has been discussed about withdrawing money. Time and amount of PF withdrawal depends on your requirements. If you lose your job, you can withdraw 75% immediately and the remaining 25% after 12 months. Withdrawals are also possible subject to certain conditions in special circumstances like house purchase, marriage, illness or retirement. 75% Withdrawal: You can immediately withdraw 75% of your total PF after job loss. For a 100% withdrawal, you can withdraw the full amount with the remaining 25% after 12 consecutive months of unemployment. In case of marriage, you can withdraw up to 50% for yourself or your family after 7 years of service. You can withdraw the entire amount (or 6 months’ salary) for your own or family’s medical treatment, without any service period restrictions.

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