Wed Sep 18 14:23:00 UTC 2024: ## EPFO to Increase Withdrawal Limit, Open Doors for Private Companies to Join: Mandaviya

**New Delhi:** In a move aimed at providing greater financial flexibility to subscribers, the Employees’ Provident Fund Organisation (EPFO) is set to raise the current withdrawal limit to Rs 1 lakh from Rs 50,000, Union Labour Minister Mansukh Mandaviya announced. This decision comes as part of the Modi government’s focus on employee welfare during its third term.

Mandaviya highlighted that subscribers often rely on their EPF accounts for significant life events, necessitating the increased withdrawal limit. Additionally, the government is offering a pathway for private companies with pre-existing retirement funds to transition to the EPFO. This initiative is designed to provide employees with a more secure and stable retirement corpus, with the EPFO offering better returns.

The government has already identified 17 companies with over 1 lakh employees and a collective retirement fund of Rs 1,000 crore, who are eligible for this transition. Notably, Aditya Birla Group is currently in discussions with the government for a potential switch to the EPFO.

Mandaviya further emphasized the importance of timely notification regarding PF contributions and transparency within the EPFO system. He also met with key aggregators to discuss the welfare of gig and platform workers, pledging to develop a comprehensive social security framework. This includes a target to onboard gig workers and aggregators onto the e-Shram portal within the next three months.

The minister urged aggregators to list jobs on the National Career Service (NCS) portal for better outreach and employment opportunities. These initiatives highlight the government’s commitment to bolstering social security for all workers, including those in the gig economy, and providing them with a more stable financial future.

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