What EPFO’s new draft on final settlement, withdrawals means

The Employees’ Provident Fund’s Central Board of Trustees proposed major changes to the PF rules to simplify partial withdrawals.

- Aprajita Sharma [e-mail]

However, full settlements after leaving a job, may become more restrictive. Mint explains what the new proposals mean for you.

Among the changes announced on Monday, the current 13 complex conditions for partial PF withdrawals will be grouped into three broad categories. “Earlier, EPFO had 13 specific conditions with separate limits and eligibility rules. We've simplified them into three categories,” Madhu Damodaran, CBT member and regional managing partner at Amlegals, said. First, for milestones like marriage, illness or education. Second, for housing and third, for special circumstances where mem-

Members need not submit documents for partial withdrawals. “Simplified provision, greater flexibility and removal of documentation will enable 100% auto-settlement of partial withdrawal claim, improving ease of living,” EPFO said.