Subscribers of the Employees’ Provident Fund Organisation (EPFO) have withdrawn vast sums from their retirement savings through categories where there is little or no documentation required, leading to concerns over a depletion of their provident fund balances that would endanger their old age security.

Internal data of the EPFO reveals that subscribers have withdrawn the most amount citing illness for which there is no restriction in the number of withdrawals. Other reasons for premature withdrawals include housing advances and special circumstances, which also do not entail any restrictions on advances. Its data also revealed that most times members who had withdrawn their PF funds due to unemployment found subsequent employment which too impacts their retirement savings. Advertisement

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