NEW DELHI: The labour ministry on Sunday issued a notification allowing millions of subscribers of the employees’ provident fund organization (EPFO) to withdraw a portion of their retirement savings with immediate effect amid the Covid-19 lockdown.
As per the gazette notification, EPFO subscribers can withdraw 75% of their savings or up to a maximum of three months' basic pay and dearness allowance from their PF account – whichever is lower.
Once a subscriber withdraws the amount, it cannot be replenished after the situation improves. Unlike, other withdrawals, the retirement fund manager has promised to honour the withdrawal requests within three days.