INSUBCONTINENT EXCLUSIVE:
The retirement body Employees' Provident Fund Organisation (EPFO) on Tuesday decided to allow its members to withdraw upto 75 percent of
outstanding balance from their PF accounts if they have been unemployed for more than a month.As per the existing rules, the EPFO members
are entitled to withdraw their entire balance after two months of unemployment
This provision, however, continues to stay."EPFO extends additional facility to unemployed members to avail non refundable advance upto 75 %
of outstanding balance in case of unemployed for more than a month
Existing provision of complete withdrawal after two months of unemployment remains unchanged," tweeted EPF India on Tuesday after the
meeting of Central of Trustees."The decision was taken during the Central Board of Trustees (CBT) meeting that was held under the
chairmanship of Union Minister of state for labour and employment (independent change) Santosh Kumar Gangwar," EPF India further mentioned
such as purchase/construction of house, repayment of loan, for marriage of self/daughter/son/brother, for medical treatment of family
member, as per the provisions of Employee Provident Fund Scheme 1952.However, for each type of partial withdrawal, the amount varies and
some specific criteria need to be met
For instance, for the purpose of marriage, an employee can withdraw up to 50 percent of his share with interest, that too if the employee
has been an EPFO for a minimum period of seven yearsRecently, the EPFO credited interest to the accounts of its 5 crore members at the rate
of 8.55 percent, which turned out to be the five-year low.The EPFO had provided 8.65 per cent interest for 2016-17
The members got 8.8 per cent in 2015-16 and 8.75 per cent each in 2014-15 and 2013-14.
