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Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money Retirement fund body EPFO has made it mandatory to file online claims for provident fund withdrawals above Rs 1 million, taking another step towards becoming a paperless organisation. The Employees Provident Fund Organisation (EPFO) has also made it mandatory to file online claims for withdrawals of above Rs 0.5 million under the Employees Pension Scheme 1995. Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money. At present, EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawal as also for a pension. The decision was taken at a meeting chaired by Central Provident Fund Commissioner on January 17, 2018, an official said. The official said the field offices have been directed that the claims must be accepted online in ...

Under fire from trade unions, Employees' Provident Fund Organisation (EPFO) has decided to change the new rules that restrict employees from withdrawing their entire provident fund ( PF ) balance till the age of 58. The EPFO has brought in norms that exclude subscribers falling in certain categories. According to amended norms, a subscriber can withdraw his or her entire savings for housing purpose, treatment of himself/herself or family members suffering from TB (tuberculosis), leprosy, paralysis, cancer or undergoing heart operation, marriage of children as well as professional education (medical, engineering, dental) of children. Further, the rules have been relaxed for a member who joins an establishment under the control of the central or state governments and becomes a member of old-age pension schemes framed by the central or state governments. The fresh amendment will come into effect from August 1. According to a February notification, EPFO subscribers can with...