Employees Provident Fund Organization i.e. EPFO has given a big gift and has made the withdrawal of funds deposited in the PF account even easier. Making a big announcement for more than 7 crore members, the organization has made it clear that now they will be able to withdraw 100% of the deposited amount without any problem, although they will have to leave only the minimum balance in their PF account. This new limit of withdrawal has been approved by the Central Board of Trustees (CBT).
This meeting was held under the chairmanship of Union Labor and Employment Minister Mansukh Mandaviya. This included Union Minister of State for Labor and Employment Shobha Karandlaje, Secretary in the Ministry of Labor and Employment Vandana Gurnani. epfo Commissioner Ramesh Krishnamurthy was also involved. The most important decision taken in the CBT meeting is that now EPFO members will be able to withdraw up to 100% of the eligible balance in their PF account, including employee and employer’s share.
Earlier this limit was kept limited, under which permission to withdraw the entire amount was given only in case of unemployment or retirement. After one month of becoming unemployed, the member could withdraw 75% of the balance deposited in his PF account and after two months, he could withdraw the remaining 25% amount. In case of retirement, permission was given to withdraw the entire amount at once.
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