Rajya Sabha Q&A – Modification in withdrawal process in EPF

Rajya Sabha Q&A – Modification in withdrawal process in EPF

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA

QUESTION NO 116

ANSWERED ON 18.07.2018

Modification in withdrawal process in EPF

116 Smt. Sarojini Hembram
Will the Minister of LABOUR AND EMPLOYMENT be pleased to state:-

(a)whether Government has made any modification in the withdrawal process of Employees’ Provident Fund (EPF) for the employees in the existing rules;

(b)if so, the details thereof;

(c)whether Government is planning to further simplify the process of Employees’ Provident Fund Organisation (EPFO) for the withdrawal, for the convenience of employees; and

(d)if so, the details thereof?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)

(a) & (b): Paragraph 69(2) of Employees’ Provident Funds (EPF) 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 two months waiting period shall not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married.

Further, review and modification of Schemes framed under the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP) Act, 1952 is an ongoing process based on the changing socio-economic scenario.

(c) & (d): The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) in its 222nd meeting held on 26.06.2018 has considered a proposal for insertion of paragraph 68HH in EPF Scheme, 1952 to enable a member who is no longer in employment for a continuous period of one month, to avail 75 percent of the total fund standing to his credit.

Source: https://rajyasabha.nic.in/