EPFO Tightens Norms For Withdrawal Of Funds

Retirement fund body EPFO(Employees Provident Fund Organisation) has tightened norms on withdrawal of provident fund as well investment of such amount in Varishtha Pension Bima Yojana for its over five crore subscribers.

As per the new norms he subscribers will not be able to claim withdrawal of their provident fund after attaining age of 54 years. Earlier norms, the EPFO subscribers were allowed to claim 90 per cent of their accumulations in their PF account at the age of 54 years. Now EPFO  has made it mandatory to wait till attaining the age of 57 for claiming PF withdrawal for transferring that  to the Life Insurance Corporation of India for investment in Varishtha Pension Bima Yojana.In today’s scenario when  retirement age is 58 years across all organisation the clause of scheme is not relevant. 

But the big change is that now under this facility, the subscriber would be able to withdraw his contribution and interest earned on it unlike 90 per cent of the total accumulations earlier. Now subscribers can directly file their claims like PF withdrawals without attestation of present or previous employers. Earlier EPFO has launched new simplified form for subscribers who have activated their Universal Account Number to apply directly for settling such claims

Extra info:
– EPFO come into existence in 15th Nov 1951.

So Lets do:
1-  Who is the present chairman of EPFO ?
2-  What is current PF Rate of interest ? 

                                                                                               Source- economictimes


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