EPFO LIBERALISES RULES

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

- PRESS TRUST OF INDIA

The Central Board of Trustees (CBT), the apex decision-making body of EPFO, headed by Labour Minister Mansukh Mandaviya, took several path-breaking decisions during its meeting, a Labour Ministry statement said 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. The requirement for minimum service has been uniformly reduced to only 12 months for all partial withdrawals.