An employee may be allowed to avail 75 percent of the total fund standing to his credit, for a month of being out of job, Labour Minister Santosh Gangwar said.
Gangwar said in Lok Sabha that the Central Board of Trustees (CBT) of the Employees' Provident Fund (EPF), in its 222nd meeting held on June 26, had considered a proposal for insertion of paragraph 68HH in EPF Scheme 1952.
This will enable a member of EPF, who is no longer in employment for a continuous period of one month, to avail 75 percent of the total fund standing to his or her credit, he said during Question Hour.
The minister said the Employees' Provident Funds Scheme, 1952, enables a member to withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately preceding the date on which he makes an application for withdrawal.
The requirement of the two-month waiting period will not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married, he said.