The Government is looking to cap premature provident fund withdrawals at 75 per cent for EPFO subscribers at any given time till the age of 58.Under the existing provisions, Employees Provident Fund Organisation (EPFO) subscribers can withdraw the entire amount by showing not employed anywhere for two months.
The proposal regarding changes in 'The Employees' Provident Fund Scheme' has been sent to the labour Ministry for approval."We will take a decision in this regard in the next 10-15 days," labour Secretary Shankar Aggarwal said.Central Provident Fund Commissioner K K Jalan also said the proposed changes are likely to be notified in the next 10-15 days, as it has got the backing of employee unions.