The Employees’ Provident Fund Organisation (EPFO) has decided to give its members an option to withdraw 75% of their funds after one month of unemployment and keep their PF account with the retirement fund body.
The members would also have an option to withdraw the remaining 25% of their funds and go for a final settlement of account after two months of unemployment under the new provision in the Employees Provident Fund Scheme 1952. The Union Labour minister ,Government of India Shri Santosh Gangwar made the decision after meeting of the central board of trustees, EPFO’s apex body.
At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go. The minister was of the view that this new provision would give an option to members to keep their account with the EPFO, which he can use after he gets another job.
