EPFO withdrawal: Get provident fund money fast; here is how

EPFO withdrawal: Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO's Central Board of Trustees, told PTI that EPFO has decided to amend the scheme for the benefit of its members.

The EPFO has extended the tenure of its consultant CRISIL. Image source: PTI

EPFO withdrawal: Employees Provident Fund Organization (EPFO) has just brought in some great news for its members. The retirement fund body on Tuesday decided to give its members an option to withdraw 75 per cent of their funds after one month of unemployment and keep their PF account with the body. Yes EPFO withdrawal of this level can be done now and that too within a month.

Moreover, the members would have an option to withdraw remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952.

Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO's Central Board of Trustees, told PTI that EPFO has decided to amend the scheme for the benefit of its members.

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"We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 per cent of its funds as advance from its account after one month of unemployment and keep its account with the EPFO," he said.

At present, 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 regaining employment again.

The minister further said, "We approved almost the entire agenda listed for the meeting of the CBT today. We have also given an extension of one year to ETF (exchange traded funds) manufacturers SBI and UTI Mutual funds till July 1, 2019. We have also extended the term of fund managers till December 31, 2018."

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The minister also said that the EPFO's ETF investment would soon cross Rs 1 lakh crore mark as its has already invested Rs 47,431.24 crore till May end this year earning a return of 16.07 per cent.

The EPFO has also extended the tenure of its consultant CRISIL for evaluation of performance of fund manager till December 31, 2018.

On the widening of range of the ETF investments by the EPFO, a CBT member said that the agenda was deferred and the board was unanimous that a call will be taken on the advise of new fund managers and consultants to be appointed shortly.

It was proposed to amend the investment pattern of the EPFO to enable the body to invest in equity index ETF beyond NIFTY 50 and Sensex ETF.

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EPFO Employee Provident Fund