Big news for EPF subscribers, money will be withdrawn after 1 month of job loss
There is a good news for EPF subscribers. Now, if they are unemployed for more than 1 month, they can withdraw 75% of their employees’ provident fund i.e. an EPF account. The Labor and Employment Ministry has issued notification in this regard on December 6. For this, the amendment to the provisions of the Insurance Provident Fund (EPF) scheme has been amended.
The announcement made in June this year
will tell you that after one month, 75% of the withdrawal of EPF account was done by the government in June this year. However, the notification was not released at the time. This proposal was approved in the meeting of the EPFO Central Board of Trustees (CBT).
What has been said in the notification?
According to the notification of Ministry of Labor and Employment, if any employed person who misses his job or leaves a job and remains unemployed for more than 1 month, then he can withdraw maximum 75% from his EPF account. According to the rule, the amount withdrawn from the EPF will not have to be returned to him.
After two months of leaving the job, the whole money can be withdrawn after
one month of unemployment where now 75% of the EPFcan be withdrawn ifthe need of money is needed, even if no person gets a job after two months of leaving or leaving the job So, he can withdraw 100% of the amount from his EPF account.
According to the notification, if a person is unemployed for more than one month after leaving or leaving the job, then he can withdraw maximum 75 percent of his EPF. Under the earlier EPF scheme 1952, there was no facility of partial withdrawal in case of unemployment. After leaving the job, the person could only do the final settlement.