Overview

• Thirteen partial-withdrawal rules were consolidated into three categories covering essential needs, housing needs and special circumstances, with no reason required under the special category.
• Members must retain a minimum 25% balance in their accounts, the minimum service for partial withdrawals is set at 12 months and education and marriage limits rise to 10 and 5 times respectively.
• Waiting periods were revised, extending premature final EPF settlement eligibility to 12 months and final pension withdrawal to 36 months.
• The Vishwas Scheme rationalises penal damages to a flat 1% per month with lower graded rates for short defaults, applies to ongoing and pending Section 14B cases and runs for six months extendable by six.
• CBT approved EPFO 3.0 digital reforms and an MoU with India Post Payments Bank for free doorstep Digital Life Certificates, and appointed SBI Funds, HDFC AMC, Aditya Birla Sun Life AMC and UTI AMC to manage the debt portfolio for five years.