To purchase house, EPF Members can withdraw upto 90%

To purchase house, EPF Members can withdraw upto 90%

Government to Amend EPF Scheme, 1952 to Enable EPF Members to Withdraw upto 90 Percent Fund for Purchase of House 

The Government has taken a decision for modification in the Employees’ Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees’ Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw upto 90 per cent from the Fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site.

Monthly installments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned.

The total number of Employees’ Provident Fund (EPF) member accounts as on 31.03.2016, as per Annual Report for 2015-16, is 17.14 crore. On an average, contributions have been received in respect of 3.76 crore members during the year 2015-16. The withdrawal facility from the Provident Fund (PF) account under the Scheme will be available to only those PF members who fulfill the conditions prescribed.

Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, gave the information  in written reply to a question in Rajya Sabha.

Previous Representation on discrimination in appointments of Administrative posts 
Next Deputy PM and HM of Nepal calls on Rajnath

About author

You might also like

Breaking 0 Comments

PM Modi calls on citizens to be part of country’s transformation

Prime Minister Narendra Modi called upon citizens to be the part of the transformation of the country so that the dream of New India can be fulfilled. Sharing his thoughts

Breaking 0 Comments

Golf: Chawrasia clinches second successive Indian Open title

SSP Chawrasia has become only the second Indian golfer to successfully defend the Hero Indian Open title. He clinched a seven-stroke win at the redesigned DLF golf and country club

National 0 Comments

‘I didn’t tweet my hands did’: Gurmehar Kaur

Gurmehar Kaur, the Delhi University student who recently was in news for her placard campaign against ABVP and who had said that the “Pakistan didn’t killed her father, war did”,

Big Stories 0 Comments

Govt proposes cash transactions limit to Rs 2 lakh

The Government has moved a fresh proposal to cap cash transactions at two lakh rupees instead of three lakh rupees as provided in the Union Budget 2017-18. It is one

National 0 Comments

Waugh visits India, immerses friend’s ashes in river Ganga

A formidable batsman and former Australian captain Steve Waugh recently visited India to immerse mortal remains of his loving friend in river Ganga. In order to fulfill his friend Stephen’s

National 0 Comments

Pakistani forces resorts to shelling

In Jammu and Kashmir, in yet another incidence of ceasefire violation, Pakistani forces today resorted to shelling and firing in Krishna Ghati sector along the Line of Control in Poonch

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply

Leave a Reply