The Employees’ Provident Fund Organisation on Monday sanctioned liberalised part withdrawals for over seven crore of its subscribers, facilitating up to 100% EPF withdrawal.<\/p>\n
The Central Board of Trustees, the chief executive body of EPFO, run by Labour Minister Mansukh Mandaviya, broke new ground with its decisions during its meeting, a Labour Ministry statement said on Monday.<\/p>\n
To improve the Ease of Living of EPF members, the Central Board of Trustees decided to simplify the partial withdrawal provisions of the EPF Scheme by combining 13 complex provisions into a one, streamlined rule classified into three types, which are, Essential Needs (illness, education, marriage), Housing Needs and Special Circumstances.<\/p>\n
Members will be able to collect up to 100% of the eligible balance in the Provident Fund, which includes employee and employer share.<\/p>\n
Withdrawal limits have been liberalised\u2014education withdrawals allowed up to 10 times and marriage up to five times (from the existing limit of a total of three partial withdrawals for marriage and education in all).<\/p>\n
The requirement for minimum service has been uniformly reduced to only 12 months for all partial withdrawals.<\/p>\n
Under the previous \u2018Special Circumstances,\u2019 members were initially required to clarify the reasons for partial withdrawals such as. natural calamity, lockouts\/closure of establishments, continuous unemployment, outbreak of epidemic, and so on<\/p>\n
This often led to rejection of claims and consequent grievances.<\/p>\n","protected":false},"excerpt":{"rendered":"The Employees’ Provident Fund Organisation on Monday sanctioned liberalised part withdrawals for over seven crore of its subscribers,…\n","protected":false},"author":2,"featured_media":212310,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,37266,186,184,185],"class_list":{"0":"post-212309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-epfo","12":"tag-finance","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/212309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=212309"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/212309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/212310"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=212309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=212309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=212309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}