The Union Ministry of Labour and Employment on Wednesday clarified that members of the Employees’ Provident Fund Organisation can withdraw 75% of the corpus immediately after leaving their job. The entire amount can be withdrawn if an individual remains unemployed for one year, it added.
The clarification was issued amid criticism on social media after the ministry, which oversees the Employees’ Provident Fund Organisation, announced on Tuesday that it had increased the period for the final settlement of the funds to 12 months from two months.
It said that members of the EPFO would be able to apply for full withdrawal of funds from their provident fund accounts only after 12 months of being unemployed.
Similarly, withdrawal from the pension accounts will be allowed only after 36 months. Final pension withdrawals are currently allowed after two months of unemployment.
A member of EPFO who has been unemployed for at least one month is allowed to withdraw up to 75% of their provident fund balance under the present rules. Those who remain unemployed for two consecutive months are allowed to withdraw the entire balance.
Ministry flags ‘misleading’ claimsIn its statement on Wednesday, the ministry said that a social media post had made “misleading” claims about the reforms and provisions under the EPFO.
“The post distorts facts related...
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