Govt to Amend EPF Scheme, 1952 to Enable EPF Members to withdraw upto 90% fund for purchase of house: Dattatreya

New Delhi, Mar 16 (KNN) Government will amend the EPF Scheme, 1952 in order to enable EPF members withdraw upto 90 per cent from the fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site, Parliament was informed.

“The Government has taken a decision for modification in the Employees’ Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees’ Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw upto 90 per cent from the Fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site,” Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment said in written reply to a question in Rajya Sabha.

Monthly installments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned.

The total number of Employees’ Provident Fund (EPF) member accounts as on 31.03.2016, as per Annual Report for 2015-16, is 17.14 crore. On an average, contributions have been received in respect of 3.76 crore members during the year 2015-16.

The withdrawal facility from the Provident Fund (PF) account under the Scheme will be available to only those PF members who fulfill the conditions prescribed.