The (EPFO) Employees’ Provident Fund Organisation has decided to give its subscribers’ an option to withdraw 75% of their funds after one month of unemployment and keep their PF account with the retirement fund body.
TOI Reports, A decision to this effect was taken in central board of trustees meeting of EPFO on 26th June 2018. “EPFO subscribers who tend to lose job can now withdraw 75% of the provident fund money after one month,” labour minister Santosh Kumar Gangwar said after the meeting.
EPFO members /Subscribers would also have an option to withdraw remaining 25 percent 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.
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.