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Unemployed for over a month? Withdraw 75% of your PF, says Labour Ministry

Press Trust of India / New Delhi 23 Jul 18 | 05:15 PM

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An employee, who is not in employment for a month, may be allowed to avail off 75 per cent of the total fund standing to his credit, Labour Minister Santosh Gangwar said on Monday.

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Gangwar said in Lok Sabha that the Central Board of Trustees (CBT) of the Employees' Prvident 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 continous period of one month, to avail 75 per cent of the total fund standing to his or her credit, he said during Question Hour.

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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 proceeding 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.

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