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EPFO Housing Scheme
August 19 , 2017
2654 days
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- Union Minister of State for Labour and Employment Bandaru Dattatreya launched the Employees’ Provident Fund Organisation Housing Scheme in a function organised in Thoothukudi.
- EPFO has allowed members i.e. the contributory employees of the provident fund (PF) scheme to use 90 percent of EPF accumulations to make down payments to buy houses and use their accounts for paying EMIs of home loans.
- Under the new rules, an essential requirement for a PF member to withdraw one's PF money to buy a real estate property is that he or she has to be a member of a registered housing society having at least 10 members.
- The scheme is a part of 'Housing for All by 2022' scheme announced by the central government. In the next two years, 10 lakh houses will be completed under this scheme.
- The scheme guarantees social security, job security and wage assurance to the labour force. The Central Government had raised the minimum wages of employees to 12000 rupees per month. Maternity Benefit Act assures that Women workers get 26 weeks paid leave as against the existing 12 weeks when pregnant.
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