Eroding Retirement Corpus: EPFO Raises Full Withdrawal Wait Time
Labour Ministry data shows that frequent early withdrawals have weakened the retirement safety net.
According to the data, about 50% of EPF members have less than Rs 20,000 at the time of final settlement, while 75% have less than Rs 50,000. Moreover, 87% of EPF members have less than Rs 1,00,000 at the time of final settlement.
Officials noted that roughly 75% of pension withdrawals happen within four years, leaving employees with "insufficient PF balance or lack of pensionable service at the time of retirement."
This trend undermines the very purpose of the provident fund system.
The government has prepared to notify new EPFO rules, including a uniform 12-month lock-in for all partial withdrawals.
Author's summary: EPFO raises withdrawal wait time to 12 months.
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