75% Advance to PF Members after 1 month from leaving employment: EPFO Proposal

EPFO Approves Proposal for providing 75% Advance to PF Members after leaving employment for one month

The EPFO has approved a proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 for providing advance to PF Members who ceases to be in employment for more than one month, to the extent of 75% of the total fund standing to the member’s credit (i.e. share of employee as well as employer plus interest applied thereon). This proposal will be implemented after approval from Ministry of Labour & Employment followed with relevant Notification in the Official Gazette.

MoLE Press Release dt. 27 June 2018 

Many Key Decision taken in 222nd Meeting of the Central Board of Trustees, EPF

The 222nd meeting of the Central Board of Trustees, EPF was held yesterday under the chairmanship of Union Minister of State for Labour & Employment (Independent Charge) Shri Santosh Kumar Gangwar at New Delhi.

The Central Board approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share) standing to the member’s credit with interest thereon.

The Board took note of the Investment of Rs 47,431.24 crore in Exchange Traded Funds (SBI MF, UTI MF, CPSE, Bharat 22) and notional return on ETF investments which stood at 16.07% for the period from August 2015 to 31st May 2018.

The Central Board approved the proposal to continue SBI Mutual Fund and UTI Mutual Fund as ETF manufacturer for investment in ETF by EPFO for tenure of one year i.e. till 30/06/2019.

The Central Board has considered and adopted the Consolidated Annual Accounts with Audit Report for the year 2016-17.

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