NEW DELHI: Subscribers of the Employees' Provident Fund Organisation (EPFO), the State-backed retirement fund manager, may soon not require approvals before withdrawing money from their accounts during financial emergencies, a senior official said, asking not to be named.
The labour ministry is in the process of modifying rules to allow members to directly take out cash through special ATMs for the purpose through a self-approval process — a move aimed at cutting down cumbersome processes, the official said. Documents required to avail of such partial withdrawals will have to be digitally uploaded.
However, the current limits of partial withdrawal of funds and conditions will continue to apply, the official said, adding that discussions with the Reserve Bank of India (RBI) are underway to facilitate the change.
Employees cannot withdraw their savings while still in employment but there are exemptions for personal emergencies. "Our ministry's aim is that an EPFO member should be able to access his or her own money without any difficulty. For this, the ministry is undertaking a series of reforms," Union labour and employment minister Mansukh Mandaviya said last month.
This story is from the January 04, 2025 edition of Hindustan Times Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 04, 2025 edition of Hindustan Times Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Bishnoi aide Gagan arrested after opening fire at police
Confesses to youth's murder in Sector 23
Tricity painted in colours of Republic Day
Full dress rehearsals for the Republic Day celebrations on Sunday were held across Chandigarh, Mohali and Panchkula on Friday.
Resetting ties with Beijing
New Delhi needs to balance its relations with China and the growing partnership with the US so that Indian interests are best served
A dream come true: Suresh Mukund on choreographing 50 Cent's concert
Dancer-choreographer Suresh Mukund and his dance crew, The Kings, have represented India on many stages. He recently became the first Indian artiste to choreograph a concert in the US — he designed the acts for American rapper 50 Cent’s shows in Los Angeles (LA), USA.
Trump's deportation op begins, hundreds arrested: White House
White House press secretary Karoline Leavitt said on Thursday that the 'massive deportation operation in history' is well underway
'Punj-Aab De Shah Aswaar': A powerful ode to sporting legacy of both Punjabs
Chronicling the sporting heroes of both 'Charhda' as well as 'Lehnda' Punjab, the Olympic field hockey doyens of Pakistan recently unveiled a literary masterpiece, 'Punj-Aab De Shah Aswaar', penned by Navdeep Singh Gill, an eminent sports writer at the University of Management and Technology in Lahore.
Saif Records Statement, Friend Says No Delay In Reaching Hospital
Afsar Zaidi; (right) the hospital admission form showing him as the one who rushed Saif Ali Khan to the hospital
Man Acquitted in Hathras Case Files Defamation Suit Against Rahul
A man acquitted in the 2020 Hathras gang rape and murder case filed a ₹50 lakh defamation suit against Congress MP Rahul Gandhi on Friday for allegedly making derogatory statements about him.
A unique act of love and solidarity
When poetry is translated, some, like Scottish novelist and historian James Buchan, wonder, \"Is there any purpose to translating poetry? A poem does not contain information of importance, like a signpost or a warning notice\".
Now a mother, Ritu set for MMA comeback vs Miura
The 30-year-old will be up against Japan's Ayaka Miura in Lusail on February 20
