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New rules for GPF withdrawal; 15 day limit for getting money

GPF

New Delhi: About 50 lakh central government employees, the norms for withdrawal of General Provident Fund (GPF) have been relaxed, enabling the employees to receive payments within 15 days.

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.

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 said.

The GPF can be withdrawn for purchase of consumer durables also.

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