In a great relief for the majority of people, the Employees Provident Fund Organisation (EPFO) has eased the Provident Fund (PF) norms. Now employees can withdraw their entire PF for the categories including housing purpose, medical treatment (for self and family members), marriage of children, professional education of children including medical, engineering and dental. The new amendment shall be applicable from August 1, 2016.
The new rule is also applicable for any employee who joins an establishment under the authority of central or state government and turns as a member of pension schemes framed by the central and state governments. The labour ministry has revealed that centre shall now on pay all the accumulations to an employee including the interest of the PF till the date on which it is withdrawn. According to the new EPFO norms, employees cannot claim the withdrawal of the employer’s share in the PF after attaining the age of 54 years. In such cases, the employee would have to wait three more years.