The Employees’ Provident Fund Organisation (EPFO) has revised its rules for the convenience of the members, after which one the members will be allowed to withdraw up to 75% amount of EPF corpus after being unemployed for more than a month and will be allowed to withdraw the remaining 25% amount, if he/she remains unemployed for more than 2 months.
The EPFO is likely to allow the members to withdraw the partial amount for various purposes like marriage, purchase of house, children’s education or other expenses.
Partial withdraw for various events
An EPFO member can withdraw up to 50% of his savings from his EPFO account for various events like marriage or any other event in the family. The members have to apply in advance to withdraw the money and have to fill the form 31.
Withdrawals for children education
The modification in EPFO rules will allow the members to take out 50% amount with interest for post-matriculation studies.
The members need to submit the certificates regarding the course of study to make the transactions.
Purchase/ construction of a house
The retirement fund body allows its members to withdraw 24 months’ basic wages and DA for the construction/ purchase of houses.
The EPFO has also given an option between 24 month basic and DA amount or 36 months basic wages to withdraw the amount.
One has to be a member for atleast 5 years to withdraw the amount.
Except for a declaration from the employee, no other document is required for obtaining this advance.