• DOPT
  • 7th CPC
  • LTC
  • Aadhar
  • AICPIN
  • Bank employees
  • CCS Rules
  • CSD
  • DA
  • JCM

CENTRAL GOVERNMENT EMPLOYEES NEWS

CG Staff News, Central Govt Employees News, Expected DA, Dopt Ordres, 7th Pay Commission News, Retirement Age

  • Home
  • 7thCPC
  • OROP
  • DOPT orders
  • 7th CPC PayScales
  • LTC
  • CGHS
  • Holidays
  • RETIREMENT AGE

EPF – Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect…

April 23, 2016 By admin

 EPF – Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect…

Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it was prescribed that the employers’ share of contribution towards the Provident Fund (which is 3.67% of wage) would be allowed to be withdrawn only at the age of retirement (58 years). The objective was to provide a minimum social security to the workers at the time of retirement. It was noticed that over 80% of the claims settled by EPFO belonged to pre-mature withdrawal of funds, treating the EPF accounts as savings accounts, and not a Social Security instrument.

In order to address the issues the amendment stated above was carried out with the consent of Trade Unions and with the intention of promoting a decent accumulation of provident fund for the members at the end of their working lifetimes.

However, considering the representations received from various quarters and after consultations with the various stakeholders, Minister of State (IC) Labour and Employment, Sh Bandaru Dattatreya announced that the government has decided to withdraw the said 10th February 2016 Notification with immediate effect.

Accordingly, the workers are now allowed to withdraw the entire amount from the provident fund as per existing provisions of the EPF Scheme 1952 including the employers’ share of 3.67%.

Source:PIB

Related Posts:

  • Minimum wage ceiling under the Employees’ Provident Fund (EPF) could soon be raised to Rs 25,000…
  • EPF – Final Decision to be Disclosed in the Budget Debate…Finance Minister..
  • Union Minister Launches Mobile Based Services for EPF Members…
  • EPF – Amendment in Section 192A of the IT Act, 1961- Regarding…
  • Employees Provident Fund (EPF) – Claim settlement period reduced from 30 days to 20 days…




Recent Entries

Holidays to be observed in Central Government Offices during the year 2018…

October 22, 2017

Website for Gallantry Awardees since Independence Launched…

August 15, 2017

Prime Minister addresses nation from the ramparts of the Red Fort on 71st Independence Day…

August 15, 2017

7th CPC – Transport Allowance issue settled for Pay Matrix Level 1 and 2….

August 15, 2017

Centre To Cut 25 Percent Govt Jobs…

August 13, 2017

NFIR – MACPS anomaly as a result of implementation of 7th CPC Pay Matrix levels…

August 12, 2017

NFIR – Anomaly in 7th CPC Pay Matrix Levels…

August 12, 2017

Retired Government servants to be appointed on contractual basis in Government Departments…

August 11, 2017

7th Pay Commission: Bad news for central government employees, no minimum pay hike…

August 10, 2017

NCERT launches its Web Portal for supply of NCERT Textbooks…

August 10, 2017




list

holidays
aicpin M
union cabinet

nps2

highlights

Like us on Facebook

April 2016
M T W T F S S
« Mar   May »
 123
45678910
11121314151617
18192021222324
252627282930  

Enter your email address:

Delivered by FeedBurner

Subscribe to CENTRAL GOVERNMENT EMPLOYEES NEWS by Email




Pages

  • 7th CPC
  • 7th CPC PayScales
  • CGHS
  • DISCLAIMER
  • DOPT
  • LTC

Categories

Copyright © 2021 · News Pro Theme On Genesis Framework · WordPress · Log in