Fri. Mar 29th, 2024
Employee Provident fund organization

Giving a free hand to the subscribers, EPFO (Employees Provident Fund Organisation), has announced that the employees can now withdraw upto 90% of the total EPF amount to pay down payment or EMIs of their house. This will affect 4 crore employees in various government and private institutions who have subscribed to the retirement fund body.

EPFO, the organisation which takes care of EPF amount for employees, has amended the scheme by adding some lines to it. According to the amendment, the employees can now use their EPF amount to buy homes, pay downpayment or the EMIs. However, the total amount which could be used, can not cross 90% of the total EPF amount.

The labour ministry has already issued a notification regarding this and the rule now stands implemented for anyone who wishes to use this.

There are however, a few conditions for the subscribers to use the amount. One, he needs to be contributing to the EPF for at least 3 years, second, it can be availed for only once in the lifetime and third, the applicant needs to have at least 20,000 in the EPF account.

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

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