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 Mumbai.
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 Mumbai.
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
No matter what I do, my son will always be my priority: Sania Mirza
Sania Mirza has been jetsetting since her appointment as an ambassador for Dubai's Sports Council in December. But her busy year didn't keep her from ringing in 2025 with her \"forever date\", her six-year-old son Izhaan Mirza Malik.
Love lockdown: OYO's new rule for unmarried couples sparks mixed reactions
On Sunday, the hotel booking platform OYO introduced a new policy that prohibits unmarried couples from checking into its partner hotels in Meerut, Uttar Pradesh.
Tough questions for India after two debacles in a row
A second series loss raises more questions than answers as head coach's performance comes under the lens
Gambhir, Sharma face BCCI scrutiny
India have lost six of their last eight Tests; they were saved by the weather in Brisbane while the Perth Test win was the only bright spot.
Fan, Ma Long out of tour events over row with WTT
These are somewhat turbulent times in world table tennis.
How far are our leagues from introducing VAR?
Could take up to 18 months to implement it, says Trevor Kettle, federation's chief refereeing officer
NCLAT to hear Meta's plea against ₹213 cr fine on Jan 16
META ASKED NCLAT TO HEAR THE CASE URGENTLY, NOTING ITS IMPLICATIONS AND THE STAKES INVOLVED
India Eyes Private Capital For $107 Billion Grid Expansion
India is asking states to attract more private capital to accelerate the expansion of its power transmission network, part of a plan to revamp the country's grid and accommodate more clean power.
SC transfers CCI's e-commerce probe cases to K'taka HC
The Supreme Court on Monday centralised all petitions challenging the Competition Commission of India's (CCI) anti-trust probe against e-commerce giants Amazon and Flipkart to the Karnataka high court, while also urging the high court to decide the matter expeditiously.
Services activity rises to 4-month high in Dec
Growth in India's services activity, as measured by the Services Purchasing Manager's Index (PMI), rose to a four-month high of 59.3 in December, up from 58.4 in November, according to a release from S&P Global on Monday.
