The price of 10 grams of 24-carat gold was Rs 1,21,113 during the day trade, according to data published by the India Bullion and Jewellers Association (IBJA). Mumbai: Spot gold prices slipped below the $4,000 per ounce after a significant increase this year, dipping 2
238th EPFO CBT Meeting: EPF Partial Withdrawals Simplified
238th EPFO CBT Meeting: EPF Partial Withdrawals Simplified, Vishwas Scheme Launched, EPFO 3.0 Digital Reforms Roll Out for 30 Crore Members
The Board approved simplified and liberalized partial withdrawals, merging 13 complex provisions into three categories: Essential Needs, Housing Needs, and Special Circumstances.
New Delhi: Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, chaired the 238th meeting of the Central Board of Trustees (CBT), EPF, in New Delhi, introducing landmark reforms aimed at enhancing member convenience, reducing litigation, and modernizing EPFO services under the EPFO 3.0 initiative. Key officials, including Vice-Chairman Shobha Karandlaje, Co-Vice-Chairperson Vandana Gurnani, and EPFO Commissioner Ramesh Krishnamurthi, were present.
The Board approved simplified and liberalized partial withdrawals, merging 13 complex provisions into three categories: Essential Needs, Housing Needs, and Special Circumstances. Members can now withdraw up to 100 Percent of eligible balances, with education and marriage withdrawals liberalized and minimum service period reduced to 12 months. A minimum balance of 25 percent ensures retirement corpus protection, while premature final settlements have been extended from 2 to 12 months, and final pension withdrawals from 2 to 36 months.
To reduce litigation, the ‘Vishwas Scheme' was launched, rationalizing penal damages for delayed PF remittances. Penal rates are now 1 percent per month, with graded rates for shorter defaults, covering over 6,000 pending cases and ensuring faster resolution for employers and members.
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EPFO also partnered with India Post Payments Bank to provide doorstep Digital Life Certificate services to EPS'95 pensioners at no cost, improving convenience for elderly members.
Under EPFO 3.0, the Board approved a comprehensive digital transformation framework, including a re-engineered return filing module, user management system, upgraded e-Office, and SPARROW for APAR management. These initiatives ensure automated claims, multilingual self-service, and faster payroll-linked contributions for over 30 crore members.
Other developments include the selection of four fund managers for EPFO's debt portfolio, global recognition for India's social security achievements, rollout of PM-VBRY employment scheme, FAT-enabled UANs, Passbook Lite, and infrastructure expansion with new offices across major cities.
These measures collectively strengthen transparency, efficiency, and ease of living for EPF members, positioning EPFO as a digitally advanced, member-centric organization.
Source: ZeeNews
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The price of 10 grams of 24-carat gold was Rs 1,21,113 during the day trade, according to data published by the India Bullion and Jewellers Association (IBJA). Mumbai: Spot gold prices slipped below the $4,000 per ounce after a significant increase this year, dipping 2
4 months ago
