? Cool Title, but what’s the news?
Members have an option to withdraw 75 per cent of their funds after one month of unemployment and keep their PF account with the body.
? Okay, but what does it mean?
The members would also have an option to withdraw remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952.
? Why should I care?
At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go. With this new rule, if you’re fresh out of jobs, or looking to switch jobs, or taking a break from working, you can rely on your savings from your PF account to sustain yourself while you decide on your future endeavors.