75% EPF withdrawal allowed if unemployed for more than 1 month (Hindi Version Included)

The 222^nd meeting of the Central Board of Trustees, EPF was held yesterday under the chairmanship of Union Minister of State for Labour & Employment (Independent Charge) Shri Santosh Kumar Gangwar at New Delhi.

In the meeting, Retirement fund body EPFO decided to give its members an option to withdraw 75 per cent of their funds after one month of unemployment and keep their provident fund (PF) account with the body.

The members would also have an option to withdraw the remaining 25 per cent of their funds and go for the final settlement of account after the completion of two months of unemployment under the new provision, the Central Board approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952.

“We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 per cent of its funds as advance from its account after one month of job loss and keep its account with the EPFO,” Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO’s Central Board of Trustees (CBT) , told reporters after the trustees’ meet.

At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go.

The minister was of the view that this new provision would give an option to members to keep their account with the EPFO, which he can use after regaining employment.

However, it was proposed that the members would be allowed to take 60 per cent of funds as advance on unemployment for not less than 30 days. But, the CBT raised the limit to 75 per cent in the meeting held on Tuesday.

The minister further said, “We approved almost the entire agenda listed for the meeting of the CBT today. We have also given an extension of one year to exchange-traded funds  manufacturers SBI and UTI Mutual funds till July 1, 2019. We have also extended the term of fund managers till December 31, 2018.”

Hindi Version

कर्मचारी भविष्य निधि संगठन (epfo) के सदस्य के पास अब एक महीने तक बेरोजगार रहने की स्थिति में 75% तक राशि निकालने का विकल्प होगा और इस तरह वह अपने खाते को भी बरकरार रख सकते हैं. श्रम मंत्री संतोष गंगवार ने ईपीएफओ के न्यासियों की बैठक के बाद यह जानकारी दी. गंगवार ईपीएफओ के न्यासियों के केंद्रीय बोर्ड के चेयरमैन भी हैं.

उन्होंने कहा कि हमने इस योजना में संशोधन का निर्णय किया है. इसके तहत एक महीने तक बेरोजगार रहने की स्थिति में ईपीएफओ का कोई भी सदस्य 75% तक राशि को अग्रिम तौर पर निकाल सकता है और अपने खाते को बनाए रख सकता है. ईपीएफओ योजना 1952 के नए प्रावधान के तहत दो महीने तक बेरोजगार रहने की स्थिति में उपयोक्ता अपनी बची हुई 25% राशि की भी निकासी कर खाते को बंद कर सकता है. मौजूदा समय में कोई भी उपयोक्ता दो महीने तक बेरोजगार रहने के बाद ही इस राशि की निकासी कर सकता है.

श्रम मंत्री ने यह भी कहा कि ईटीएफ (एक्सचेंज ट्रेडेट फंड) में ईपीएफओ का निवेश 47,431.24 करोड़ रुपये तक पहुंच गया है और जल्दी ही यह एक लाख करोड़ तक पहुंच जाएगा. इस निवेश पर प्रतिफल 16.07 प्रतिशत है.