EPF Withdrawal Rules: All the employed people in India have PF accounts. PF accounts are operated by the EPFO institute under the Ministry of Labor and Employment of the Government of India. If you suddenly become unemployed and need money, then let us know how much money you can withdraw.
EPF Withdrawal Rules: If you do a job, then obviously you will also have a PF account. Every month the amount of contribution made by you and your company is deposited in the PF account. Many times such situations arise when you need to withdraw some amount from the money deposited in your PF account while you are in a job. At the same time, sometimes money is needed in case of unemployment after losing the job. In such a situation, let us know how much money can be withdrawn from PF when you are unemployed while in a job.
Actually, EPFO has set some rules for this and there are some conditions in it. Which you should understand beforehand. This will not cause you any trouble in future. You can withdraw your money only under these rules and conditions. The PF account is operated by the EPFO institute under the Ministry of Labor and Employment of the Government of India.
How much money can be withdrawn if you are unemployed
Let us tell you that PF account is a good savings plan for the future. Every month 12 percent of the employee’s salary is contributed. The same contribution is made by the company. A good amount of interest is also given by the government in PF accounts. With its help, you can deposit a good fund for the future. If a person loses his job or becomes unemployed, then in such a situation he can withdraw his money. For this, if he is unemployed for one month, then he can withdraw up to 75 percent of his deposit amount. On the other hand, if he is unemployed for 2 months or more, then he can withdraw the entire amount.
How much money can be withdrawn during job
EPF advance for education
According to EPFO rules, withdrawal of money for children’s education is allowed. It has the same rules as marriage. EPFO members can withdraw money only three times in their lifetime. The maximum limit of withdrawal is 50 percent of their own contribution to the fund including interest. EPF advance for education can be withdrawn only by those members who have completed at least 7 years in EPF.
You can withdraw money to buy a house
For buying or constructing a house, PF holders can withdraw EPF money under certain conditions. For repair or improvement of the house, members can withdraw money five years after the completion of the house. For additional repairs, a person can withdraw money after 10 years from the first withdrawal. EPF members can withdraw money only once for this purpose.
You can withdraw money for marriage
You can withdraw money from PF for marriage. For this, you must be a member of EPF for at least 7 years. You should have at least Rs 1,000 in your account. You can withdraw up to 50 percent of your share of contribution (including interest). This money can be used for your, siblings’ or children’s marriage.
You can withdraw money for medical needs
The rules for withdrawing money from PF for medical needs are quite simple. According to EPFO rules (para 68J), you can withdraw money at any time, even immediately after joining EPF. If needed, you can withdraw this amount as many times as you want.
