New EPFO Rules: If you are employed, then you must be aware of the PF account. PF account means a small part of your salary is deposited in it every month. But sometimes you need to withdraw some money from it due to some personal reasons. But do you know how much money, when and how you can withdraw from the PF account? So let us tell you that the Employees’ Provident Fund Organization (EPFO) has laid down some rules and conditions for withdrawing money from the PF account. It is very important for you to understand this so that you do not face any problem in it. So let’s know about these new rules of EPFO.
Withdraw PF for marriage
According to EPFO rules, if you want to withdraw money for the marriage of a family member, you can do so. Therefore, you must be a member of EPF for at least 7 years. Also, there should be a minimum balance of ₹1000 in your account. You can withdraw 50% of your PF account. You can use this amount for the marriage of your siblings or children.
You can withdraw PF for children’s education
If you want to withdraw PF for your children’s education, then EPFO rules allow you to do so. For this also, you must have seven years of membership in EPF. Under this rule, you can withdraw 50% of your share. But according to EPFO rules, you will be given this facility only 3 times.
To buy a house or build a house
If you want to buy a house of your own or want to repair it, then in this situation also EPFO rules give the opportunity to withdraw money. If you want to take advantage of this, then you must have at least 5 years of EPF membership. For this, PF can be withdrawn only once.
For medical expenses
If you need to withdraw PF money for medical expenses, then EPFO has simple rules. According to this, you can withdraw PF as many times as you need. There is no limit for this. Also, you can withdraw PF immediately after joining EPF.
Before retirement
You can withdraw 90% of the total PF amount one year before your retirement. As per EPFO rules, you get this facility only once.
In case of unemployment
Many times companies or organizations remain closed due to some reason, if the company remains closed for more than 15 days, then in such a situation you become unemployed without compensation, then you can withdraw some part of PF. Apart from this, if you do not get salary for more than 2 months, then also you can withdraw PF.
To pay the loan
If you have taken a loan for any reason, then you can withdraw PF to pay its interest. But for this, you must be a member of EPF as per the rules of EPFO.