New Delhi: New Delhi: In order to withdraw 100 per cent amount from the Employee Provident Fund (EPF), an employee has to wait for at least two months after leaving the job. However, 75 per cent of the PF amount can be withdrawn after one month of leaving a job. Employees’ Provident Fund Organisation EPFO is the authority which keeps a tab of PF data of salaried individuals.
One can check the PF amount, passbook, PF claim status through respective UAN (Universal Account Number) on the EPFO website. It may be noted that partial withdrawal from PF is allowed under certain conditions. The EPFO made some changes in PF withdrawal rules last year in order to make the EPF more user-friendly.
As per rules,100 per cent EPF amount can be withdrawn in three cases:
1. At the time of retirement
2. If unemployed for two months of time
3. Death before the specified retirement age
Partial withdrawal of EPF is subject to certain conditions:
|S.No.||Reason for withdrawal||Withdrawal Limit||No of years of service/lock-in period||Other conditions|
|1||Marriage||Up to 50% of employee’s share of contribution to EPF||7 years||For the marriage of self, son/daughter, brother/sister|
|2||Education||Up to 50% of employee’s share of contribution to EPF||7 years||For the education of either himself/herself or his/her children after class 10|
|3||Purchase of land/purchase or construction of a house||a. For land – Up to 24 times of monthly salary plus Dearness allowance
b. For house – up to 36 times of monthly salary plus Dearness allowance
|5 years||a. The asset i.e. land or the house should be in the name of the employee or spouse or Jointly.
b. Withdrawal for this purpose can be done only once in the entire service tenure.
|4||Home loan repayment||Up to a maximum of 90%, from both employee’s contribution and employer contribution in EPF||3 years||a. The property should be registered in the name of the employee or spouse or jointly
b. Withdrawal permitted subject to furnishing of requisite documents as called for by the EPFO relating to the housing loan availed.
c. The accumulation in the member’s PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
|5||Renovation of house||Up to 12 times of the monthly salary||5 years||The property should be registered in the name of the employee or spouse or jointly.|
|6||A little before retirement||Up to 90% of accumulated balance with interest||Once he/she reaches 57 years||For himself/herself|
|7.||Medical purposes||Employee’s share with interest or six times the monthly salary (whichever is lower)||No lock-in period||For medical treatments of self, spouse, children, and parents.|
Worth mentioning here is that EPFO members can withdraw up to 75 per cent of their EPF account balance after being unemployed for more than one month. A subscriber also has the option to withdraw the remaining amount after being unemployed for two months and close the EPF account.