Retirement fund Body Employees Provident Fund Organization (EPFO) has made a decision related to its members. Now, EPFO members will be able to withdraw 75 percent of their PF accounts deposited in the event of losing or leaving jobs. The unemployed members can withdraw the remaining 25% of their account after two months and withdraw the account.
Chairman of Central Board of Trustees (CBT) and the Central Labor Minister of the EPFO, Santosh Gangwar told reporters after the meeting of the Board that we have decided to amend the Employees Provident Fund Scheme, 1952. Under this, members can withdraw money up to 75 percent after one month after getting a job. According to the existing rule, they are allowed to withdraw the entire money in two months.
With the new provision, members will get the option to continue their old account on getting employment again. Gangwar said that almost the entire agenda was approved in the trustee board meeting. SBI and UTI Mutual Funds have been given an extension for July 2019. Their terms have also been extended till December 2018. The board extended the expansion of six months to five fund managers SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMS. CBT also approved the proposal to appoint an advisor for the selection of portfolio manager.
The Minister said that the EPFO's investment in the ETF will soon come out of one lakh crore rupees. By May, Rs 47,431.24 crore has been invested till May. This year it has a revenue of 16.07%. EPFO extended the term of consultant Crisil to evaluate the performance of fund managers till December 2018. The decision on the proposal to increase the scope of investment in the EPFO was postponed.