The Employees’ Provident Fund Organisation (EPFO) has extended the period for final settlement or full withdrawal of funds from provident fund and pension accounts for unemployed members. Under the revised rules, members can now withdraw their provident fund after 12 months of unemployment and their pension after 36 months, PTI reported. The change was approved by the apex decision-making body of the EPFO, the Central Board of Trustees, chaired by Labour Minister Mansukh Mandaviya, during a meeting held on Monday. Earlier, the scheme allowed full withdrawals from both accounts after just two months of continuous unemployment. A senior official explained PTI that the move aims to ensure social security for formal sector workers who typically exit the EPFO after two months of unemployme

See Full Page