The Government has decided to add a new paragraph 68 BD in the Employees’ Provident Funds (EPF) scheme, 1952 to enable its members to withdraw up to 90 per cent from the Fund for housing purpose, Bureaucracy Today has learnt.
“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,” Minister of State (IC) for Labour and Employment, Bandaru Dattatreya, told Rajya Sabha in a written reply today.
According to the Minister, the 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.
As per the 2015-16 annual report, the total number of EPF members accounts as on March 31, 2016 is 17.14 crore. On an average, contributions have been received from 3.76 crore members during the year 2015-16.