Cabinet Considers Hike in PF Pension; Simplified EPF Withdrawal Rules Announced
The government is considering an increase in the Provident Fund (PF) pension, aiming to improve the quality of life for Employees’ Provident Fund (EPF) members, according to the Labour Minister. This move comes as part of broader reforms to make EPF benefits more accessible and user-friendly.
The Central Board of Trustees (CBT) has recently approved simplification of the partial withdrawal rules under the EPF scheme. Thirteen complex withdrawal provisions have been merged into three streamlined categories: Essential Needs (covering illness, education, and marriage), Housing Needs, and Special Circumstances.
This rationalization is expected to ease the withdrawal process, making it simpler for members to access funds during critical times without bureaucratic hurdles. The proposed pension hike, alongside these reforms, reflects the government’s commitment to enhancing financial security and welfare for millions of EPF subscribers across the country. Final approval is awaited from the Cabinet.
Cabinet Considers Hike in PF Pension; Simplified EPF Withdrawal Rules Announced
