Employees may soon withdraw 75% PF if unemployed for 1-month
An employee, who is not in employment for a month, may be allowed to avail 75% of the Provident Fund standing to his credit, Labor Minister Santosh Gangwar said. Gangwar said the Central Board of Trustees of the Employees' Provident Fund Organization (EPFO), in its 222nd meeting on June 6, considered a proposal for insertion of paragraph 68HH in EPF Scheme, 1952. Here's more.
Gangwar explains the proposal and norms of EPF Scheme
This move will enable an EPF member, who's no longer in employment for a continuous period of one month, to avail 75% of the total fund standing to his or her credit, Gangwar said. He said the EPF Scheme, 1952, enables a member to withdraw the full amount on ceasing to be an employee in an establishment for a continuous period of two months.
Two-month waiting period not applicable for women-employees resigning for marriage
Gangwar said the requirement of the two-month waiting period will not, however, apply in the cases of female members resigning from the services of the establishment for the purpose of getting married.