The terms of the Employees’ Provident Fund (EPF) scheme allow you to withdraw money from your account for a variety of reasons. When you reach the age of 55, you can start withdrawing money from your EPF account. However, before retiring too, you can take money out of your EPF account for a variety of reasons. Purchase/construction of a home, child’s wedding and schooling, and covering financial emergencies caused by the coronavirus-induced lockdown are just a few examples. You can also register a claim if you are owed money.
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Housing loan
EPF members can avail advance for reasons purchase of land for construction of house, Purchase of house / Construction of house, Renovation of house and Repayment of housing loan. Limit of withdrawal varis with each withdrawal. For land, limit is up to 24 times of monthly basic salary plus dearness allowance. For a house it is up to 36 times of monthly basic salary plus dearness allowance.
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Job loss
In such cases, up to 75% of the EPF balance, including the member’s portion, the employer’s share, and the interest. After two months of unemployment, the balance of 25% can be withdrawn.
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Marriage
EPF members can withdraw advance for the purpose of marriage of self, son, daughter, brother, and sister. After 7 years of EPF participation, the employee’s portion of the contribution is reduced to 50% with interest only.Post matriculation education of childrenEPF members can withdraw for higher education after class ten. After 7 years of EPF membership, 50% of the employee’s portion of the contribution is returned to them, plus interest.
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One year before retirement
After the member reaches the age of 54, or within one year of his or her actual retirement on superannuation, whichever is later. Up to 90% of the EPF balance, which includes the member’s portion, the employer’s contribution, and interest
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Investment in Varishta Bima Yojana
Members can invest up to 90% of their EPF balance (member’s portion, employer’s contribution, and interest) after they reach the age of 55.
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Outbreak of pandemic
If an individual is facing financial hardship as a result of the coronavirus and pandemic-induced lockdowns, the government has declared that they can withdraw a set amount from their Employees’ Provident Fund (EPF) account. In May 2021, the labour ministry stated that EPF members can get a second non-refundable advance from their EPF accounts to cover financial problems caused by the coronavirus.
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Other reasons
Natural calamityLockout or closure of factoryIllness of member/ familyCut in electricity in establishmentPurchasing equipment for physically handicapped
