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Monday, April 25, 2016

EPFO to curb PF withdrawal

Retirement fund body EPFO plans to launch ‘One Employee One EPF Account’ system on May 1 to dissuade premature PF withdrawals and encourage state governments to join its pension system.

The decision was taken on April 21 in EPFO’s internal meeting, a day after after the government rolled back its decision to tighten PF withdrawal norms restricting subscribers to withdraw employer’s share of PF contributions (3.67 per cent of basic wages) before the age of 58 years, among others.

During the meeting, EPFO’s Central Provident Fund Commissioner V.P. Joy discussed about the unrest regarding the PF withdrawal norms. Mr Joy emphasised the need for effective communication with employees and employers and stated that frequent withdrawals by employees on each job change, which is also encouraged by employers, need to be addressed by good service and simple interface.

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