June, 10, 2015
An Employees Provident Fund (EPF) member could obtain 30 per cent from his/her total outstanding balance only to build a house, to purchase land for a house, to purchase a house and property, to redeem the mortgage on a house or property or to repay the balance loan obtained from an approved bank, said the secretary to the Ministry of Labour.
During an exclusive discussion with Adaderanabiz.lk, Labour Ministry secretary Herath Yapa added that this 30 per cent of the outstanding balance could also be obtained for medical treatment expenses.
In this instance, the EPF members’ spouse and children are also included, he said.
The Ministry secretary also said that medical treatment means heart surgeries, bypass surgeries, treatment for cancer, kidney transplants or surgeries, Caesarean operations and accidents where the patient is hospitalized for over 14 days.
To obtain this 30 per cent from the outstanding EPF balance for housing or medical care the member must have contributed to his/her EPF for not less than 10 years, be still employed and his/her balance should be not less that Rs. 300,000 (three hundred thousand).
Those who have already obtained housing loans from their EPF balance could obtain this 30 per cent only for medical care.
The secretary said a continuous contribution for 10 years would not be necessary at this instance and even the staggered payment of EPF for 10 years would be enough.
This 30 per cent is not provided as a loan and repayment would not be necessary, he said.
The initial application for this process could be obtained at the Labour Secretariat at Narahenpita and once it is completed and handed over, a detailed application for the 30 per cent to be withdrawn would be issues once the applicants’ eligibility is verified.
www.adaderanabiz.lk learns that over 25,000 applications have been received currently for this 30 per cent withdrawal.
Labour Ministry secretary Herath further added that the Ministry is prepared to provide these 30 per cent withdrawals to all the EPF members if needed.