EPF Members to Withdraw upto 90 Percent
Government to Amend EPF Scheme,
1952 to Enable EPF Members to Withdraw upto 90 Percent Fund for Purchase ofHouse.
The Government has taken a
decision for modification in the Employees’ Provident Funds (EPF) Scheme, 1952
to add a new paragraph 68 BD under which a member of Employees’ Provident Fund
(EPF), being a member of a co-operative society or a housing society having at
least 10 members of
EPF, can withdraw upto 90 per cent from the Fund forpurchase of dwelling house/flat or construction of dwelling house/acquisitionof site. Monthly installments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned.
EPF, can withdraw upto 90 per cent from the Fund forpurchase of dwelling house/flat or construction of dwelling house/acquisitionof site. Monthly installments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned.
The total number of Employees’Provident Fund (EPF) member accounts as on 31.03.2016, as per Annual Report for
2015-16, is 17.14 crore. On an average, contributions have been received in respect
of 3.76 crore members during the year 2015-16. The withdrawal facility from the
Provident Fund (PF) account under the Scheme will be available to only those PF
members who fulfill the conditions prescribed.
This information was given by
Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment,
in written reply to a question in Rajya Sabha.
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