The board of the retirement fund body EPFO simplified and relaxed the partial withdrawal rules for the Employees’ Provident Fund (EPF) scheme. It now allows members to withdraw up to 100 percent of their EPF balance, according to an official statement. This change aims to improve the quality of life for EPF members and strengthen their retirement security.
The decision made during the 238th meeting of the Central Board of Trustees (CBT), which is chaired by Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya.
What are EPFO partial withdrawal provisions?
To improve the quality of life for EPF members, CBT decided to simplify the partial withdrawal rules by merging 13 complex provisions into one clear rule. This rule grouped into three categories: Essential Needs (illness, education, marriage), Housing Needs, and Special Circumstances.
What is the new limit on fund withdrawal?
Members can now withdraw up to 100 % of their eligible balance in the EPFO Provident Fund, which includes both employee and employer shares. The limits for withdrawals relaxed. Education withdrawals now allowed up to 10 times, and marriage withdrawals up to 5 times. Previously, members could only make a total of 3 partial withdrawals for both marriage and education, as stated in an official release.
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