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.
You might also like
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
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
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”,
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
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
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