Press Information Bureau

Government of India

Ministry of Labour & Employment

16-March-2017 13:12 IST

The Government has taken a decision for modification in the Employees’ Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees’ Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw upto 90 per cent from the Fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site. Monthly installments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned.

The total number of Employees’ Provident Fund (EPF) member accounts as on 31.03.2016, as per Annual Report for 2015-16, is 17.14 crore. On an average, contributions have been received in respect of 3.76 crore members during the year 2015-16. The withdrawal facility from the Provident Fund (PF) account under the Scheme will be available to only those PF members who fulfill the conditions prescribed.

This information was given by Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in written reply to a question in Rajya Sabha.

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BCK/AK

 

EPF withdrawal for housing: members may access a large portion of funds to purchase or construct residential property under conditions. A new provision in the EPF Scheme allows an EPF member who belongs to a cooperative or housing society with at least ten EPF members to withdraw up to ninety percent of their EPF balance to purchase, construct, or acquire a dwelling/site, and permits monthly instalments for repayments or interest to be paid from the EPF balance to the government, housing agency, primary lending agency, or banks, subject to prescribed eligibility conditions.