PFRDA permits partial withdrawal towards treatment of COVID-19

Apr 13, 2020 | by Avantis RegTech Legal Research Team

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Labour Compliance

The Pension Fund Regulatory and Development Authority (PFRDA) on April 09, 2020, has declared that partial withdrawals shall be permitted towards the treatment of COVID-19, a critical illness which is life threatening in nature.

In continuation to the applicability and handling of partial withdrawals referred under circular no. PFRDA/2018/47/Reg-Exit/4 dated May 24, 2018, it shall be permitted to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents. The other terms and conditions as prescribed under regulation 8 of the PFRDA(Exits and withdrawals under NPS) Regulations, 2015 and amendments thereto shall continue to be applicable regarding defining of limits and frequencies.

The subscriber must have the valid Medical Certificate and formal request for partial withdrawal before authorising partial withdrawals to Nodal Office or PoPs or Aggregators.

[Circular No. PFRDA/2020/7/REG-EXIT/1]


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