EPFO Withdrawal Rules 2024: EPFO occasionally changes its rules to benefit its subscribers. So that the employees do not have to face any kind of problem, most people deposit a fixed salary in EPFO every month.
If seen, the amount deposited in EPFO matured after retirement, but you can also withdraw money from EPFO easily in times of need. However, a limit has been set for partial withdrawal. If you are also thinking of withdrawing money from an EPF account, then recently, EPFO has amended the withdrawal rules.
New EPFO Withdrawal Rules 2024
For partial withdrawal from EPF, the EPF member must first apply online. Withdrawal can only be made for education, house purchase, construction, or marriage.
According to the withdrawal rules of EPFO, the EPF holder can withdraw up to 90 per cent 1 year before retirement. However, for withdrawal of 90%, the age of the member should be more than 54 years.
In today’s time, layoffs are being seen in many companies. In such a situation, according to the rules of EPFO, if there is a layoff and the employee becomes unemployed before retirement, then he can withdraw money from the EPF fund.
If you have been fired and are unemployed, you can withdraw 75% after one month and complete withdrawal after being unemployed for two months continuously. At the same time, after getting a new job, the employee can transfer the remaining 25 per cent of the funds to the new EPF account.
If an employee continuously contributes to EPF for five years, he is also given tax benefits at withdrawal time. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted from a withdrawal of less than Rs 50,000.
If your PAN card is submitted for withdrawal, then 10 per cent TDS is deducted. At the same time, a 30 per cent deduction is made if a PAN card is not submitted.
