{"id":114521,"date":"2017-03-17T11:48:20","date_gmt":"2017-03-17T06:18:20","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=114521"},"modified":"2017-03-17T11:48:20","modified_gmt":"2017-03-17T06:18:20","slug":"government-to-amend-epf-scheme-1952-to-enable-epf-members-to-withdraw-up-to-90-percent-fund-for-purchase-of-house","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/03\/17\/government-to-amend-epf-scheme-1952-to-enable-epf-members-to-withdraw-up-to-90-percent-fund-for-purchase-of-house\/","title":{"rendered":"Government to amend EPF Scheme, 1952 to enable EPF members to withdraw up to 90 percent fund for purchase of house"},"content":{"rendered":"<p style=\"text-align: justify;\">The Government has taken a decision for modification in the Employees\u2019 Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees\u2019 Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw up to 90 per cent from the Fund for purchase of dwelling house\/flat or construction of dwelling house\/acquisition of site. 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.<\/p>\n<p style=\"text-align: justify;\">The total number of Employees\u2019 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.<\/p>\n<p style=\"text-align: right;\">Ministry of Labour &amp; Employment<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government has taken a decision for modification in the Employees\u2019 Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-114521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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scheme amended to permit upto 75% non-refundable advance from PF A\/c to members employed in areas declared affected by epidemic or pandemic outbreak","author":"Bhumika Indulia","date":"April 6, 2020","format":false,"excerpt":"G.S.R. 225(E).\u2014 In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees\u2019 Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees\u2019 Provident Funds Scheme, 1952, namely:\u2013\u2013 1.\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation 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Presently, the mandated EPF contribution is 24 percent of basic pay, divided equally between employers and employees. The above-made suggestion is a part of the proposed Employees\u2019\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":227672,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/29\/union-labour-ministry-notifies-amendment-in-epf-scheme-to-allow-withdrawal-of-non-refundable-advance-by-epf-members-in-the-event-of-outbreak-of-pandemic\/","url_meta":{"origin":114521,"position":2},"title":"Union Labour Ministry notifies amendment in EPF Scheme to allow withdrawal of non-refundable advance by EPF members in the event of outbreak of pandemic","author":"Bhumika Indulia","date":"March 29, 2020","format":false,"excerpt":"Union Ministry of Labour and Employment has issued notification GSR 225(E) amending EPF Scheme 1952 to allow withdrawal of non-refundable advance by EPF members\/subscribers in the wake of COVID -19 pandemic in the country. The notification permits withdrawal of upto the amount of basic wages and dearness allowance for three\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90161,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/05\/societies-attached-to-medical-college-hospitals-are-not-covered-by-epf-act\/","url_meta":{"origin":114521,"position":3},"title":"Societies attached to Medical College Hospitals are not covered by EPF Act","author":"Saba","date":"December 5, 2016","format":false,"excerpt":"Kerala High Court: While dealing with two appeals preferred by the Provident Fund Department challenging a decision of Kerala High Court wherein the Single Bench had set aside the orders passed by the Provident Fund Commissioner and the Appellate Tribunal, the Division Bench comprising of P.R. 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