Business India

30 days without Job, you can now withdraw up to 75% of your Provident Fund

Written by Abhishek Lohia

EPFO is going to offer new beneficial facility for PF account holders. In fact, the EPFO has amended its Employee Provident Fund Scheme, 1952. After this amendment, Employee can withdraw up to 75 percent of outstanding balance from their PF accounts if they have been unemployed for more than a month. But these rules will apply only to those who have not got a second job even after one month of leaving the previous job. Simultaneously, in the event of two months of unemployment under this scheme, people will get the chance to withdraw the remaining 25 percent of their amount.

Labor Minister Santosh Kumar Gangwar told after the meeting of the Central Board of Trustees that he has decided to give an option of withdrawing money from his account after being unemployed for one month by amending the scheme. If he is unemployed for a month, he can withdraw 75 percent of his money from his account and keep his account with the EPFO.

According to the new rules, an employee can withdraw the entire amount from his account only after being unemployed for two months. The Labour Minister Santosh Gangwar said that the aim of this new amendment is to give the members an opportunity to maintain their account with the EPFO, where they can further continue once they get employment again. So, We have decided to amend the scheme, he added.

Employee Provident Fund (EPF) is an integral source of an employee’s savings. It has an active subscriber’s base of over 55 million and manages a corpus of over Rs.10.5 trillion. It is more important for an employee to get the timely receipt of requisite information about his EPF balance which helps her/him in planning for any major expenses either by withdrawing from EPF or by availing a loan against the EPF balance. If employees get quick access to the EPF account balance then they will keep updated with the increment in their PF account balance from time to time.

 

About the author

Abhishek Lohia

Abhishek Lohia is a Sports and Political Writer at Newsfolo. He has been working as a Journalist for 2 years and has previously worked at Sportsflu, Sportscafe, and some other Digital Channels. He covers the ruling BJP Government, civic bodies, and Indian politics. He also covers latest Sports News and Live Coverage. He is a graduate in Electrical Engineering from IPEC College, Sahibabad. He can be reached at; [email protected], you can also follow him on twitter @chiraglohia2

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