Employees Without One Month Of Employment Can Avail 75% Of EPF Balance
Gangwar said in Lok Sabha that the Central Board of Trustees (CBT) of the Employees’ Provident 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 the 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 preceding 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.
Retirement fund body EPFO has invested Rs 48,946 crore in exchange-traded funds (ETFs) till June 30, 2018, parliament was informed earlier. The Employees’ Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 indices.
Source: Business World