New Delhi,

Retirement fund body EPFO on Tuesday decided to give its members an option to withdraw 75 per cent of their funds after one month of unemployment and keep their provident fund (PF) account with the body. The members would also have an option to withdraw the remaining 25 per cent of their funds and go for the final settlement of account after the completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952. “We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 per cent of its funds as advance from its account after one month of job loss and keep its account with the EPFO,” Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO’s Central Board of Trustees (CBT) , told reporters after the trustees’ meet here. At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go. The minister was of the view that this new provision would give an option to members to keep their account with the EPFO, which he can use after regaining employment. However, it was proposed that the members would be allowed to take 60 per cent of funds as advance on unemployment for not less than 30 days. But, the CBT raised the limit to 75 per cent in the meeting held on Tuesday. The minister further said, “We approved almost the entire agenda listed for the meeting of the CBT today.