PF withdrawal Rules EPF or employee provident fund money is deducted from our salary every month in the form of PF. This money is given to us on retirement or after completing the age of 60 years.
However, in some circumstances, you can withdraw money from PF even earlier. Today we will talk about these circumstances in detail.
All the work related to PF is controlled by EPFO (Employee Provident Fund Organisation). Often we need a lump sum amount of money for small works.
In such a situation, we take the help of loan. But on taking a loan, you have to pay interest along with the principal amount.
If you also want to avoid a loan in such situations, then you can opt for EPF. The money deposited in EPF can be withdrawn under certain circumstances.
Under what circumstances can you withdraw money?
The money deposited in EPF or PF can be withdrawn under 10 different circumstances. These include higher education of a child, buying a house, emergency, loss of job, etc. Let us talk about these one by one.
Evacuation is possible in case of emergency
If there is a medical emergency in someone’s family, then in such a situation a request can be made for withdrawal of money from PF. You can withdraw this money for your child, wife or husband, parents. At the same time, you do not need to fulfill the condition of depositing for 7 years for this.
Money is also available for marriage
If a person is planning to get married, then money is available for this also from PF. But for this, you have to deposit money in EPF for 7 years. In such a situation, you can withdraw only 50 percent of the deposited money. This 50 percent is the maximum limit for withdrawing money.
You can also withdraw money for higher education
If you want to send your child abroad for higher education, or a lot of money is being spent on his/her education, then you can withdraw money from EPF. Keep in mind that you can withdraw only 3 times for expenses like marriage and higher education.
On being disabled
If a person becomes disabled due to an accident, then withdrawal is possible in such a situation as well. In this, you can withdraw up to 6 months’ basic salary and DA. However, you can withdraw this money only once in 3 years.
On losing a job
If a person is not working for 2 months or is not getting salary, then he can withdraw money. Apart from this, if an employee disagrees with the company’s decision to fire him and challenges it in court, then also withdrawal can happen.
Withdrawal can be made even if the company is closed for 15 days or more. In this way, you can withdraw from PF or EPF before retirement. However, a limit has been set for this withdrawal as well. So that the fund is not affected much in the future.
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