Question: Under the new rules of GPF clearance, the employees can now withdraw their GPF’s money for special work, after the completion how many years of the job?
(a) 10 years
(b) 12 years
(c) 15 years
(d) 18 years
Ans: (a)
Related facts:-
- On March 7, 2017; the Central Government announced the simplification of general provident fund GPF clearance rules.
- Under this new rule, employees can now take money in 15 days.
- Along with this, the employees will now be able to withdraw their GPF’s money after 10 years of employment for special work.
- In the past, the limit was 15 years.
- Under the new rule, now the money from GPF will be withdrawn for primary, secondary and higher education and for all institutions.
- Earlier, only the high school level was allowed to withdraw money from GPF.
- It is important to note that under the new rule, decision has been given for the clearance of 12 months’ salary or three quarters of the total contribution (whichever is less).
- In the context of illness, the amount can be withdrawn upto 90 percent of the total amount of the shareholder’s account.
- A 15-day timetable has been fixed for the clearance of GPF clearance application and payment of amount.
- This limit may be reduced to seven days in case of illness or other emergency.
- Money can be withdrawn from the GPF for the purchase of cars, motorcycles and scooters etc. or to repay the loan taken for that purpose.
Related Links:-
http://aajtak.intoday.in/story/new-rules-for-gpf-withdrawal-15-day-limit-for-getting-money-1-916481.html
http://www.businesstoday.in/current/economy-politics/new-rules-for-gpf-withdrawal-15-day-limit-for-getting-money/story/247679.html
https://khabar.ndtv.com/news/business/new-rules-for-gpf-withdrawal-15-day-limit-for-getting-money-1667657