EPFO Board Revamps Withdrawal Norms and Launches 'Vishwas Scheme'

The Employees' Provident Fund Organisation (EPFO) Board has announced sweeping reforms in withdrawal norms, allowing subscribers to withdraw up to 100 per cent of their funds. In a significant move, the Board merged 13 complex provisions into a simplified rule categorised into three needs: Essential, Housing, and Special Circumstances.

The liberalisation of withdrawal limits aims to enhance ease of access for members, allowing up to ten times withdrawal for education and five times for marriage. Additionally, a new 'Vishwas Scheme' has been rolled out to tackle litigation issues, focusing on rationalised penal damages for delayed provident fund remittances.

To further strengthen service delivery, EPFO plans to modernise and digitise its operations, introducing a member-centric framework using a hybrid approach. These changes, including partnerships for doorstep services for pensioners, signal a commitment to enhancing efficiency, transparency, and secure transactions for EPFO's extensive member base.

(With inputs from agencies.)