EPFO members can withdraw money for their son or daughter’s matriculation studies.
Retirement fund Body Employees Provident Fund Organization (EPFO) allows its subscribers to withdraw money from Employee Provident Fund (EPF) for certain purposes. Recent subscribers have been given this facility that they can withdraw 75% of the funds deposited in their fund after 30 days of going to work.
The current rules allow the subscribers to withdraw all the money deposited in their fund after two months in the event of going to the job. Although EPFO allows partial withdrawal of money even while in service.
1-Subscribers can withdraw 50% of the funds deposited in the fund for the marriage of themselves, their daughter or son, sister or brother. However, it is necessary for subscribers to be 7-year-old EPF account holder.
2-EPFO members can withdraw money for their son or daughter’s matriculation studies.
3-If a company has closed down and it has passed 15 days. The employees of the company are unemployed without any compensation or employees have not been paid for two to three months continuously so such employees can withdraw money from their EPF fund. However, this clearance also applies to a certain extent.
5-If an employee has been removed from the company and he has raised the case in court then the employee can withdraw his EPF account 50 percent amount in this case.
6-EPFO members can withdraw money from their funds in the event of tuberculosis (TB), leprosy (leprosy), paralysis, cancer, mental and cardiovascular disease. It will be in the same condition as you are in the hospital for a month after the illness.
7-If unexpected natural disasters such as flood and earthquake damage the subscriber’s property, then he can withdraw 5,000 rupees from his PF fund or 50 percent of the fund (whichever is less) of the fund.
8-For the handicapped members, the EPF account gets the advance withdrawal (non-refundable) for the purchase of their equipment.
9-An EPFO member can withdraw 90 percent of his EPF amount at any time if he is 54 years old.
10-EPFO members are allowed to withdraw 90 percent of the EPF amount at any point of time after getting 55 years of age, which can be transferred to Life Insurance Corporation of India (LIC).
11-After 5 years have elapsed, EPFO subscribers can also make a deposit for the deposits in their funds or to buy a new house.
By:- Abhishek Bajpai