Press Information Bureau
Government of India
Ministry of Labour & Employment
Government of India
Ministry of Labour & Employment
16-March-2017 13:12 IST
Government to Amend EPF Scheme, 1952
to Enable EPF Members to Withdraw upto 90 Percent Fund for Purchase of House
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 for purchase of dwelling house/flat or construction of
dwelling house/acquisition of 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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