EPFO Reforms Enhance Withdrawal Process and Social Security
The Ministry of Labour & Employment highlights significant reforms in the Employees’ Provident Fund Organization (EPFO) aimed at simplifying withdrawal processes and enhancing social security for members. Key changes include merging 13 complex provisions into three categories, reducing the eligibility period for withdrawals from seven years to one year, and allowing 75% of the eligible amount to be withdrawn without documentation. These reforms aim to promote long-term financial well-being and discourage premature withdrawals, ensuring a better retirement corpus for members.
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