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EPFO puts on hold new provident fund withdrawal provisions till 30 April 2016

Circular dated 01042016 Notification dated 10th Feb 2016

 

In February 2016, The Ministry of Labour and Employment, Government of India had made amendments in the Employees Provident Fund Scheme, 1952 restricting the early withdrawal from the provident fund. This notification was effective from 10 February, 2016.

In view of the practical difficulties faced in implementation of the above notification, the Employees Provident Fund Organisation (EPFO) has recently come up with a circular extending the applicability of the above notification effective from 1 May, 2016. The circular also clarifies that all claims received up to 30 April, 2016 have to be settled in accordance with the provisions as existing prior to the issue of the said notification. In other words, a member who ceases to be in employment and continues to be not employed with a covered establishment for at least two months is permitted to withdraw the full amount standing to his credit, if he makes the application on or before 30 April, 2016.