Employees’ Provident Fund Organisation (EPFO) Announces Flexibility and Liquidity Enhancements

• The Employees’ Provident Fund Organisation (EPFO) has announced changes to ease withdrawals, allowing members to withdraw up to 100% of the eligible balance and multiple times.

• These changes are beneficial for members needing to meet their children’s educational needs or cover health expenses.

• The categories for partial withdrawal have been streamlined into three: Essential needs, housing, and special circumstances.

• The new framework will facilitate ease of living for members, especially during the Covid pandemic.

• The new framework is beneficial for a young and growing workforce, who often make early withdrawals from their PF.

• The EPFO’s board has approved the formation of a committee following the central bank’s report on its fund management and investment practices.

• The RBI has recommended the separation of the EPFO’s regulatory and fund management functions and a rigorous assessment of its liabilities.

• The EPF is a vital part of India’s social security architecture, and any changes in its portfolio allocation strategy should be carefully considered.

EPFO Policy Update is important topic for Civil service exam (WBCS).

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