EPFO TWEAKS RULES TO MAKE EMPLOYEES' PROVIDENT FUND MORE USER FRIENDLY - The Employees Provident Funds and Miscellaneous Provisions Act, 1952
Employees' Provident Fund organisation (EPFO) or the retirement fund body has made some changes in its rules to allow members to avail their hard-earned savings in a systematic manner. Now an EPFO member can withdraw as much as 90 percent of his money as partial withdrawal before retirement if he or she has completed 54 years of age and within one year of retirement or superannuation, whichever is later. Another change is that EPFO members can withdraw up to 36 months' basic wage and DA or total of employee and employer share with interest or total outstanding principal and interest, whichever is least for repayment of loans in special cases. But one should have been a member of EPFO for at least 10 years to make use of this facility. Members can now withdraw 50 percent of their share with interest for the purposes of marriages in the family. The member should have been with EPFO for at least seven years.
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