Economy

Employee, not in employment for a month, can withdraw 75% PF

PTI New Delhi | Updated on July 23, 2018 Published on July 23, 2018

An employee, who is not in employment for a month, may be allowed to avail 75 per cent of the total fund standing to his credit, Labour Minister Santosh Gangwar said today. Gangwar said in Lok Sabha that the Central Board of Trustees (CBT) of the Employees’ Prvident Fund (EPF), in its 222nd meeting on June 26, had considered a proposal for insertion of paragraph 68HH in EPF Scheme 1952.

This will enable a member of EPF, who is no longer in employment for a continuous period of one month, to avail 75 per cent of the total fund standing to his or her credit, he said during Question Hour.

The minister said the Employees’ Provident Funds Scheme, 1952, enables a member to withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately proceeding the date on which he makes an application for withdrawal.

The requirement of the two-month waiting period will not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married, he said.

Published on July 23, 2018
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