EPFO is now in the process of bringing a new proposal. This allows EPFO member to withdraw maximum 60 percent of the amount from PF. According to reports, the EPFO has prepared a new proposal in view of the increasing cases of PF extracting hence changes in these rules should be made.
The Employees Provident Fund Organization has prepared a proposal that according to which the account holder can withdraw only 60 percent of the total amount. According to the existing rule, in the event of quitting the job and remaining unemployed for two months, the person can withdraw the full amount of PF, but according to the new proposal, if this happens then this will be relaxed in the two-month period and reduce it to one month. But members will not be able to get the full amount even in the absence of a job. Only 60 percent of the money can be withdrawn.
In recent years, a large number of EPFO members have started extracting full money from their PF accounts. This has increased the concern of the organization. The purpose of this proposal is to maintain membership of PF account holders and to meet the needs of social security during unemployment.