EPFO defers change in provident fund withdrawal rule

New Delhi, Apr 6: The retirement fund body EPFO has deferred till April 30 implementation of new norms for withdrawal of provident fund.

The new norms put a cap on 100 percent withdrawal of provident fund by members after unemployment of more than two months, among others.

So it is good time for those who are out of job for more than two months to file the claim for PF settlement.

According to a circular issued by the EPFO, this decision has been taken in view of practical difficulties faced in implementation of new rules.

The new norms will come into effect from May 1, 2016.

"All the claims received up to April 30, 2016 are to be settled as per the provisions existing prior to the issue of the notification dated February 10, 2016," the circular added.

Earlier in February EPFO tightened norms on withdrawal of provident fund as well investment of such amount in Varishtha Pension Bima Yojana for its over five crore subscribers.

OneIndia News