EPFO to introduce system to check premature withdrawals from May 1
8 years, 11 months ago

EPFO to introduce system to check premature withdrawals from May 1

India TV News  

New Delhi: Retirement fund body EPFO is planning to introduce ‘One Employee One EPF Account’ system on May 1 to discourage 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 the government rolled back its decision to tighten PF withdrawal norms restricting subscribers to withdraw employer’s share of PF contributions before the age of 58 years, among others. “If the EPFO services and schemes are made more employee friendly then a reference can be made to state governments for joining the EPF pension systems,” he said. Joy also informed his colleagues that EPFO proposes to launch a system of ‘One Employee one EPF Account’ on May 1.

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