Provident Fund: New regulation facilitates withdrawal!
Posted on: 01/Apr/2020 3:23:01 PM
A revised regulation on the Employees Provident Fund has been implemented.
As per this, there is a facility for the PF subscribers to withdraw up to 75% in their EPF account or 3 months’ basic pay, whichever is less as an advance. SMS has been sent by the EPFO (Employees Provident Fund Organisation) to the subscribers.
The Central Ministry of Employees’ Welfare released the government order on 30 March facilitating the Provident Fund Subscribers to withdraw a maximum of 3 months’ Basic Pay as an advance.
Last week, the Central Finance Minister, Nirmala Seetharaman, announced various financial assistance schemes for Rs. 1.70 Lakhs Crores.
In this announcement, she mentioned the facility for the Provident Fund Subscribers to withdraw as an advance either 75% of the account or 3 months’ Basic Pay whichever is less. This need not be repaid.
In order to make this provision, the central Ministery of Employees’ Welfare carried out the necessary modifications in the concerned Rules and Regulations.
In the Government Order released by the Central Ministry of Employees’ Welfare, it is mentioned that this revised rule/regulation is implemented from 28 March. Accordingly, SMS has been sent to all the Provident Fund subscribers in EPFO.
