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Government May Cap Premature PF Withdrawals at 75%

Government May Cap Premature PF Withdrawals at 75%
New Delhi: The government is looking to cap premature provident fund withdrawals at 75 per cent for EPFO subscribers at any given time till the age of 58.

Under the existing provisions, Employees Provident Fund Organisation (EPFO) subscribers can withdraw the entire amount by showing not employed anywhere for two months.

The proposal regarding changes in 'The Employees' Provident Fund Scheme' has been sent to the Labour Ministry for approval.

"We will take a decision in this regard in the next 10-15 days," Labour Secretary Shankar Aggarwal said.

Central Provident Fund Commissioner K K Jalan also said the proposed changes are likely to be notified in the next 10-15 days, as it has got the backing of employee unions.

Asked whether the 75 per cent withdrawal ceiling has been proposed for even circumstances like constructing a house, marriage, children's education, etc, Jalan replied in the affirmative.

The idea behind the proposal, he said, is to ensure that provident fund is used as an old-age security and not misused for purposes other than it was meant to be.

The provident fund money, he said, should be used as an old-age security scheme and not like a savings bank account.

Mr Jalan added the EPFO plans to gradually further cap the withdrawal limit to up to 50 per cent and also put a ceiling on the number of withdrawals by a subscriber.

"Presently, out of the 1.3 crore annual claims, not less than 65 lakh claims are for full withdrawal. If the proposal is implemented by the Centre, the total number of claims would come down to 50 lakh," Mr Jalan said.

Elaborating on the rationale behind the 75 per cent cap proposed, he pointed out that the contribution of an employer including interest, in any case, does not exceed more than 75 per cent of the total contribution.

Aadhaar Seeding cum Registration Camps for Pensioners

Important Message for All Pensioners
Aadhaar Seeding cum Registration Camps
For implementation of Jeevan Pramaan- an Aadhaar based life certification system – all pensioners are requested to furnish their Aadhaar Numbers to their bank, if not already done. The pensioners who do not have “Aadhaar” are requested to obtain Aadhaar number.
Pensioners residing in the NCR may visit an Aadhaar Camp on any one of the following days with original PPO, Aadhaar Card, and bank pass book along with photocopies of these documents.
Pensioners who do not have Aadhaar number yet may in addition carry a photo id like Voters Card.
Jeevan Pramaan is in addition to the other existing facilities for submission of Life Certificate.
Camp Timings: 9am to 5pm
S. No.
Complete address
Rajendra Place
13th July 2015
Opp Hospital B L Kapur, near Rajendra Nagar Metro Station
Civil Lines
14th July, 2015
Punjab National bank Central Staff College, Underhill Road, near Metro Station Civil Lines
Scope Tower Luxmi Nagar
15th July, 2015
Auditorium Hall, Scope Tower, Luxmi Nagar, Delhi
Noida Sec-1
16th July, 2015
Punjab National Bank, C-13 Sector 1 NOIDA. Near Sec 15 Metro Station
NIT, Faridabad
17th July, 2015
Punjab National Bank, Neelam chowk, NIT Faridabad, Haryana