Kolkata: A significant liberalised process of early withdrawals has been approved by the EPFO (Employees Provident Fund Organisation) board on October 13, pacing the way for a smooth process of early withdrawal. The Central Board of Trustees of the retirement funds body, which is chaired by Union labour Minister Mansukh Mandaviya, took this decision along with a few others on Monday. EPFO has more than seven crore members.

The early withdrawal rules of EPF were complex. The EPFO board merged them into a single rule labelling the needs for early withdrawals into three categories — essential Needs which will have instances such as treatment of any illness, education and marriage expenses); housing needs and special circumstances. If needed, a EPFO subscriber can withdraw up to 100% of the

See Full Page