EPFO members can now withdraw 100 percent money from the PF account

New -delhi, October 13 (IANS). In a big news before Diwali, the employees’ provident fund organization (EPFO) decided during its meeting on Monday that 100 percent of the ‘qualifying amount’ in the PF account, which includes the employee and employer share, can be withdrawn. This decision was made at the 238th meeting of the Central Council of Trustees (CBT) held in the national capital. This move will help more than seven Crore shareholders and allow them to withdraw up to 100 percent of EPF. Earlier, complete withdrawal could only be done in the event of unemployment or retirement. A member was allowed to withdraw 75 percent of the PF balance after one month of unemployment and the remaining 25 percent after two months. However, the withdrawal of the total amount was allowed without any limit at retirement. The CBT, led by the Minister of Labor Mansukh Mandaviya, made several important decisions during the meeting. In the case of partial withdrawal for land purchase, purchase or construction of a new home or EMI payment, EPF members were allowed to withdraw up to 90 percent of the amount deposited in their EPF account. It is noteworthy that CBT has decided to simplify the partial withdrawal terms of the EPF scheme to facilitate the lives of EPF members. It seeks to consolidate 13 complex provisions in a single, streamlined rule, categorized into three types: essential needs (illness, education, marriage), residence requirements and special circumstances. EPFO also decided to liberalize the withdrawal limit. Withdrawals are allowed up to ten times for education and five times for marriage (totally from the existing limit of 3 partial withdrawals for marriage and education). The minimum service requirements for all partial withdrawals were also uniformly reduced to only 12 months. –Is PSK shares this story tags