EPFO allows 100% EPF withdrawal

The Central Board of Trustees (CBT), the apex decision-making body of EPFO took several path-breaking decisions during its meeting

- OUR CORRESPONDENT

The board of retirement fund body EPFO on Monday approved liberalised part withdrawals for its more than seven crore subscribers, allowing up to 100 per cent EPF withdrawal.

The Central Board of Trustees (CBT), the apex decisionmaking body of EPFO, headed by Labour Minister Mansukh Mandaviya, took several pathbreaking decisions during its meeting, a Labour Ministry statement said on Monday.

To enhance the Ease of Living of EPF members, the CBT decided to simplify the partial withdrawal provisions of the EPF Scheme by merging 13 complex provisions into a single, streamlined rule categorised into three types, namely, Essential Needs (illness, education, marriage), Housing Needs and Special Circumstances.

Now, members will be able to withdraw up to 100 per cent of the eligible balance in the Provident Fund, including employee and employer share. Withdrawal limits have been liberalised-education withdrawals allowed up to 10 times and marriage up to 5 times (from the existing limit of a total of 3 partial withdrawals for marriage & education in all).

The requirement for minimum service has been uniformly reduced to only 12 months for all partial withdrawals.