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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » How to obtain 30% from EPF?

How to obtain 30% from EPF?

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1How to obtain 30% from EPF? Empty How to obtain 30% from EPF? Thu Jun 11, 2015 5:06 pm

investcsesl

investcsesl
Expert
Expert
How to obtain 30% from EPF? Labour Ministry secretary explains
 
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Secretariat at Narahenpita and once it is completed and handed over, a detailed application for the 30 per cent to be withdrawn would be issues once the applicants’ eligibility is verified.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.

http://www.adaderana.lk/bizenglish/how-to-obtain-30-from-epf-labour-ministry-secretary-explains/

2How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Thu Jun 11, 2015 5:52 pm

investcsesl

investcsesl
Expert
Expert
Stocks are a very good option for long term targets; therefore we can make our own investment portfolio with 30% of EPF funds, far better than what EPF is investing in the CSE using our own money.

"Rather than fretting about when you should make that first stock purchase, think instead about how long you're planning to keep money in the market. Different investments offer varying degrees of risk and return, and each is best suited for a different investing time frame.

 

stocks are a very attractive option for long-term goals like retirement. The higher returns are simply too good to pass up"

3How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Thu Jun 11, 2015 8:24 pm

Teller

Teller
Moderator
Moderator
No, the loans are not granting for investment purposes. Thats for build a house, buying a land,etc.....


_________________




Teller said is said..

4How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Thu Jun 11, 2015 8:43 pm

investcsesl

investcsesl
Expert
Expert
@Teller wrote:No, the loans are not  granting for investment purposes. Thats for build a house, buying a land,etc.....
Yes Teller, but there are ways of getting it. I know several people got 70% of housing loans even without a house renovation  Very Happy

What I'm planing is setting off part of my current housing mortgage and use the monthly installment to build my long-term portfolio. Of course it is not a huge amount, altogether only 6 Laks.

5How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Thu Jun 11, 2015 8:48 pm

Teller

Teller
Moderator
Moderator
Ok, then every thing is possible...thanks dear.


_________________




Teller said is said..

6How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Mon Jul 13, 2015 4:49 pm

IroshW

IroshW
Stock Trader
Hi all,

I have applied to withdraw 30% from my EPF balance on 05th June 2015 (submitted the application to the 10th floor and got a Ref number as well - starting from F18xx). 

They said that they will send a set of forms within 2-3 weeks. Its more than a month now, no forms no information. When I tried to call the labour Department to get an update they are helpless. Some says they even don't know the progress, some says different information, some says they have not even started the process... I went their two times but they couldn't help me. They said that they have started sending forms to people who applied which is a big lie. As there are people who applied on the first day still waiting for forms. 

This is another election voting trick by the minister at that time. I got to know that this project has been put on hold. I feel really sorry about the agents working at that division as they will have to answer the audience.

Again, people request to withdraw their money from the balance of their EPF account. Not a loan from the central bank or labor dept. 

Guys, anyone has any similar experience? Does anyone know the process? 

I really need to withdraw 30% to settle an arrears in my mortgage loan. Seems to be the process is not proceeding.

7How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Tue Jul 14, 2015 3:34 pm

TraderCSE


Manager - Equity Analytics
Manager - Equity Analytics
I also applied for a eligibility requirement via registered post. But not received any feed back so far. 

I think this is also one election promise by Yahapalanaya.

8How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Wed Jul 22, 2015 3:43 pm

IroshW

IroshW
Stock Trader
Update:

I just checked with the Labor Dept 30% withdrawal division. They are confused than us. I said the whole story to several people there but their answers are different to each. 

This is a mega lie from the minister. They have not even decided to start this project.

Just wasted time and money.

9How to obtain 30% from EPF? Empty Re: How to obtain 30% from EPF? Fri Aug 14, 2015 3:31 pm

IroshW

IroshW
Stock Trader
Hi all,

The election is closer. EPF Department has stopped working on this project as their people are working for the election. They have published that there is a shortage of staff. They should think about this before starting this process. And they said that they are processing 100 applications per day which is a big lie.

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