Staff provident fund organization (EPFO), One of the world’s largest social security organizations, allows employees to withdraw a part of their savings for major life events such as marriage, higher education, purchase or building home or other reasons, including medical illness and unemployment.
Return of Provident Fund:
Individuals who have contributed money to their PF account can withdraw three different types of withdrawal:
- PF Final Basti.
- PF partial withdrawal.
- Pension withdrawal benefits
Planned:
A person is not allowed to withdraw PF funds, partially or completely, until they are employed.
Unemployment:
If they are unemployed for at least a month, a person can withdraw 75 percent of the savings amount. They can withdraw the entire balance if they have been unemployed for a period of two months or more.
Education:
Members can withdraw up to 50 percent of the total employee’s contribution to the EPF to pay their children’s education cost after class 10 or after class 10.
Home:
For buying or construction of a house, 90 percent of the EPF amount can be withdrawn. Members can also take an advance from your PF account to improve the house under Para 68B (7), announcing that the House is at least five years old.
In particular, any provident funds made within five years of the construction of the account are subject to withdrawal. However, if you remove less than Rs 50,000, no TDS will be charged.
Marriage:
Account holders can withdraw up to 50 percent of savings to pay for marriage expenses.
Turn into jobs:
A person does not need to withdraw his savings when switching jobs. If the universal account number (UAN) is active and the related forms are presented, the money can be easily transferred.
Also read EPFO PF Claim Settlement Simples: All changes were explained
Retirement:
According to the EPF Act, a member would have to apply for his final settlement claim when he retired at the age of 58. They also qualify for EPS amount if the member has continued service for more than 10 years.
How to withdraw PF money?
Employees can start the return process online or offline. To begin withdrawal, a person needs to submit the overall claim form (Aadhaar)/overall claim form (non). Alternatively, they can begin the process on the EPFO portal.
