In case you quit job, the PF member is now allowed to withdraw 75% of the PF corpus to meet the monthly financial commitments after one month. The decision to this effect was taken at the 22nd CBT meet of EPFO on Tuesday.
And the earlier provision to withdraw the full amount remains true, in case the EPF subscriber wishes to close the account.
The labour minister Santosh Gangwar on Tuesday said, EPFO subscribers who tend to lose job can now withdraw 75% of the PF money after one month.
The decision will be a win-win for both the EPF subscribers as well as the organization as the remaining 25% amount will remain intact to meet the social security needs of the concern in the long term.
A CBT agenda note said, " EPF Scheme 1952 does not have provision for advance to members during such kind of non-employment, and the scheme allows only full and final settlement. This compels members to withdraw entire amount. Such early closure of membership also goes against the objective of providing social security to the members and family".
The organization has also extended the term of the two fund namely SBI Mutual Fund and UTI Mutual Fund by one year to July 2019.