Mysore/Mysuru: The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF), under the Chairmanship of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports, has approved several landmark decisions to simplify and liberalise the EPF partial withdrawal provisions.
Simplified Structure: 13 existing withdrawal provisions merged into 3 categories — Essential Needs (illness, education, marriage), Housing Needs and Special Circumstances.
Enhanced Withdrawal Limits: Members can now withdraw up to 100% of their EPF balance subject to 25% of the Contributions in the Member’s account as Minimum Balance to be maintained by the member at all times. Education withdrawal limit increased up to 10 times, and marriage withdrawal up to 5 times.
Reduced Service Requirement: Minimum service period for all partial withdrawals uniformly reduced to 12 months.
Ease of Access: Zero need for any Documentation while settling partial withdrawal, 100% target is to settle partial withdrawal cases in auto mode.
Premature Final Settlement: After liberalising the partial withdrawals and to ensure sufficient balance as retirement security, the change for availing premature final settlement of EPF from the existing 2 months to 12 months, and final pension withdrawal from 2 months to 36 months.
These reforms aim to enhance liquidity, provide flexibility and improve ease of living for EPF members.
Existing Software is getting modified to effect such changes and to provide best possible service to our stakeholders, stated a press release from Vinit Kumar, Regional PF Commissioner-I, Employees’ Provident Fund Organisation (EPFO), Regional Office, Mysuru.
