New rules for GPF: Get your money in 15 days now
New Delhi : Now you don’t have to wait for 60 days to apply for the General Provident Fund withdrawal. According to the new rules, the GPF withdrawal norms have been relaxed which will enable them to receive payments within 15 days.
That not all, now employees can also withdraw the fund for select purposes after completing 10 years of service, as against 15 years of service earlier.
The GPF can be taken for education—including primary, secondary and higher education, covering all streams and institutions. Earlier, a subscriber could withdraw GPF for beyond the high school stage.
The provisions in the rules have been reviewed and it has now been decided to permit withdrawals from the fund by the subscriber for obligatory expenses viz. betrothal (engagement), marriage, funerals, or other ceremonies of self or family members and dependants, besides illness of self, family members or dependants,.
It has been decided to permit withdrawal of up to twelve months pay or three-fourth of the amount standing at credit, whichever is less. For illness, the withdrawal may be allowed up to 90 per cent of the amount standing at credit of the subscriber. A subscriber may seek withdrawal after completion of ten years of service.