An employee, who is not in employment for a month, may be allowed to avail off 75 per cent of the total fund standing to his credit, Labour Minister Santosh Gangwar said on Monday.
Gangwar said in Lok Sabha that the Central Board of Trustees (CBT) of the Employees' Prvident Fund (EPF), in its 222nd meeting on June 26, had considered a proposal for insertion of paragraph 68HH in EPF Scheme 1952.
This will enable a member of EPF, who is no longer in employment for a continous period of one month, to avail 75 per cent of the total fund standing to his or her credit, he said during Question Hour.
The minister said the Employees' Provident Funds Scheme, 1952, enables a member to withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately proceeding the date on which he makes an application for withdrawal.
The requirement of the two-month waiting period will not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married, he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)