Home/ Questions/Q 5949
Next
In Process
Amitpathak79
  • 0
Beginner
Asked: 2021-12-04T09:11:36+05:30 In:

When can we withdraw our full PF?

  • 0
When can we withdraw our full PF?
Share

    1 Answer

    1. Enlightened

      Hi, An employee can withdraw the full amount of PF accumulated in their EPF once they retire. However, he can also make premature withdrawals from the EPF account after meeting certain conditions. Full Withdrawal In the following two conditions, full EPF can be withdrawn: When an employee retires WhRead more

      Hi,

      An employee can withdraw the full amount of PF accumulated in their EPF once they retire. However, he can also make premature withdrawals from the EPF account after meeting certain conditions.

      Full Withdrawal

      In the following two conditions, full EPF can be withdrawn:

      • When an employee retires
      • When the employee remains unemployed for more than two months. To make a withdrawal on this circumstance, the individuals must get an attestation from a gazetted office.

      However, if the employee joins another organization within two months then he cannot make a complete withdrawal of the EPF balance.

      Partial withdrawal

      Under the following circumstances, partial withdrawal can be possible:

      Sl. No. Reasons for withdrawal Limit for withdrawal No. of years of service required Other conditions
      1 Medical purposes Lower of below: No criteria Medical treatment of self, spouse, children, or parents
      i. Six times the monthly basic salary, or
      ii. The total employee’s share plus interest,
      2 Marriage Up to 50% of employee’s share of contribution to EPF 7 years For the marriage of self, son/daughter, and brother/sister
      3 Education Up to 50% of employee’s share of contribution to EPF 7 years Either for account holder’s education or child’s education (post matriculation)
      4 Purchase of land or purchase/construction of a house For land – Up to 24 times of monthly basic salary plus dearness allowance. 5 years i. The asset, i.e. land or the house, should be in the employee’s name or jointly with the spouse.
      For house – Up to 36 times of monthly basic salary plus dearness allowance, ii. It can be withdrawn just once for this purpose during the entire service.
      The above limits are restricted to the total cost. iii. The construction should begin within 6 months and must be completed within 12 months from the last withdrawn instalment.
      5 Home loan repayment Least of below: 10 years > i. The property should be registered in the name of the employee or spouse or jointly with the spouse.
      i. Up to 36 times of monthly basic salary plus dearness allowance, or ii. Withdrawal permitted subject to furnishing of requisite documents as stated by the EPFO relating to the housing loan availed.
      ii. Total corpus consisting of employer and employee’s contribution with interest, or iii. The accumulation in the member’s PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
      iii. Total outstanding principal and interest on housing loan
      6 House renovation Least of the below:
      i. Up to 12 times the monthly wages and dearness allowance, or

      ii. Employee’s contribution with interest, or Total cost.

      		 5 years i. The property should be registered in the name of the employee or spouse or jointly held with the spouse

      ii. The facility can be availed twice:

      a. After 5 years of the completion of the house,

      b. After the 10 years of the completion of the house
      7 Partial withdrawal before retirement Up to 90% of accumulated balance with interest Once the employee reaches 54 years and withdrawal should be before one year of retirement/superannuation (retirement fund for employees by the company)

      Plz feel free to ask more questions.

      See less
      • 0

    Leave an answer

    You must login to add an answer.

    Need An Account,