![]() ![]() ![]() For unemployment of more than 2 months, the remaining 25% of the corpus can also be withdrawnĮmployees’ Provident Fund is an investment scheme created for the purpose of retirement.A person can withdraw 75% of his or her provident fund if he/she is unemployed for more than a month.The employee is allowed to withdraw up to 90% of the provident fund balance.A person can withdraw his or her entire provident fund corpus after completing 58 years of age.Withdrawal for the purpose of purchasing a plot and constructing it can be done only once in the entire service tenure.Withdrawal is allowed only after completing 5 years of service.24 times of the monthly salary for purchasing a plot/36 times of the monthly salary for purchasing or constructing a house or the cost of the property or the total of employee’s and his employer’s share along with the interest amount (whichever is less) can be withdrawn.An employee should have completed a minimum of 5 years of total service.The property should be registered in his or her name or held jointly with the spouse.A PF member can withdraw a partial amount from his employee provident fund for the purpose of purchasing a plot and/or constructing it.The member can withdraw 12 times his monthly salary from his provident fund accountįor Purchasing or Constructing a New House.The employee must complete at least 5 years of total service.The house should be held in his/her name or held jointly with the spouse.The employee can withdraw funds from his EPF account for the purpose of renovation and reconstruction.An employee can withdraw funds for his own, siblings or child’s marriageįor Renovating and Reconstructing a House.50% of the employee’s contribution with interest can be withdrawn.At least 7 years of service must be completed in order to be eligible for the withdrawal.However, to withdraw the amount, at least 3 years of complete service is required.For the purpose of repaying the outstanding home loan, the PF member is allowed to withdraw up to 90% of the corpus if the house is registered in his or her name or held jointly.There is no lock-in period or minimum service period for this type of withdrawal.This EPF withdrawal is applicable for medical treatments of self, spouse, children, and parents.An employee is allowed to withdraw employee’s share with interest or six times the monthly salary (whichever is lower) from the provident fund for the purpose of medical treatment.Get FREE Credit Report from Multiple Credit BureausĬheck Now Eligibility on Various Types of EPF Withdrawals For Medical Purposes Lesser one of employee’s share plus interest or 6 times of the monthly salaryĬan be withdrawn after 5 years from the construction of houseġ2 times of the employee’s monthly salaryĮmployee must have served for min 3 yearsĮmployee must have served for min 7 years Medical Emergency for member/spouse/parent/children Online Grievances Portal for PF WithdrawalĮPF Withdrawals- All you Need to Know Purpose.Eligibility on Various Types of EPF Withdrawals. ![]() However, there are various EPF withdrawal rules that one needs to adhere to in order to make withdrawals from the PF account. EPFO online claims are stipulated to be settled within 72 hours, while offline claims may take up to 20 days for settlement. PF account holders can now make withdrawal claims online equal to 75% of the net balance in their PF account or three months of their basic salary plus dearness allowance, whichever is lower. Note: As per the latest EPFO guidelines, EPFO members can easily access their PF funds to deal with the financial difficulties resulting from the Covid-19 pandemic. Death before the specified retirement age.At the time of retirement (On or after 58 years of age).The amount invested over the years, along with specified interest, is paid out to the employee on his/her retirement.Įmployees’ Provident Fund can be withdrawn by the employee in either of the below cases. It is the social security program administered by a statutory body called the Employees’ Provident Fund Organisation (EPFO) to provide a safety net to people on their retirement. Employees’ Provident Fund (EPF) is built over a long term on the contributions made by the employee, employer, and the government (in some cases). ![]()
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