EPFO Members Can Withdraw 75% Of PF Amount If Unemployed For A Month

| June 27 , 2018 , 15:23 IST

Employment Provident Fund Organisation on Tuesday revised its criteria for unemployed members to withdraw the PF amount and declared that members can withdraw 75 per cent of their funds after 30 days of Unemployment.

The EPFO members can also opt to withdraw the remaining 25 per cent after completion of 60 days.

Existing provision to withdraw the complete amount after two months remains unchanged as before the amendment it was 60 days of Unemployment required to withdraw PF amount and settle the PF account in one go.

“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 an advance from its account after one month of unemployment and keep its account with the EPFO,” Labour Minister Santosh Kumar Gangwar and the Chairman of EPFO’s Central Board of Trustees, told media.

Also Read: EPFO To Timely Inform Members If Employer Does Not Deposit Contributions

The Board took note of the Investment of Rs 47,431.24 crore in Exchange Traded Funds (SBI MF, UTI MF, CPSE, Bharat 22) and notional return on ETF investments which stood at 16.07% for the period from August 2015 to 31st May 2018.

The Central Board approved the proposal to continue SBI Mutual Fund and UTI Mutual Fund as ETF manufacturer for investment in ETF by EPFO for a tenure of one year i.e. till 30/06/2019.

The decisions were taken during the 222nd meeting of CBT held on Tuesday under the chairmanship of Union Minister of State for Labour & Employment (Independent Charge) Shri Santosh Kumar Gangwar at Shram Shakti Bhawan, New Delhi.