Now, EPF subscribers can withdraw 75% PF amount

The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation has in its meeting held on June 26 considered a proposal for insertion of clause 68HH in EPF Scheme 1952. This clause will enable a member of the EPF, who is no longer in employment for a continuous period of one month, to withdraw 75% of the total fund standing to his or her credit in the PF account, Minister of State for Labour & Employment Santosh Gangwar said in the Lok Sabha.

Gangwar said that the Employees’ Provident Funds Scheme, 1952, provides the member with a facility to withdraw the full PF amount if the employee ceases to be in employment for a continuous period of two months immediately preceding the date of submission of the application for withdrawal. However, the requirement of a two-month waiting period will not apply to female members resigning from service to get married.

The CBT at its meeting held on March 31, 2015, had decided to invest only in ETFs in the category of equity and equity-related investments. “The total amount invested by EPFO in ETFs as on June, 2018 is Rs 48,946 crore,” Gangwar had earlier informed the Rajya Sabha.