There are several ways to withdraw money from your Employees’ Provident Fund (PF) account, as outlined by the Employees’ Provident Fund Organization (EPFO). This money can really come in handy during tough times. Let’s break down the situations where you can take money out of your PF account and how much you can withdraw.
Also Read
If you get fired, you can take out 50% of your PF balance, but you’ll need to show proof that you’re unemployed when you apply. If you’ve been away from work for over a month, you can withdraw 75% of your PF funds.
In cases where a company or factory has been shut down for six months, you can access your entire PF amount. Just keep in mind that if the company reopens, you’ll need to pay back the withdrawn amount in 36 installments.
If there’s an emergency and the company is closed for more than 15 days, you can withdraw 100% of your PF balance. Once you retire, you have two choices: you can either take out the full amount of your PF in one go or opt for a monthly pension (EPS), which gives you a fixed sum every month.
The Employees’ Provident Fund Organization (EPFO) is gearing up to roll out EPFO 3.0 soon, as announced by Union Labor and Employment Minister Mansukh Mandaviya. He mentioned that the government is implementing significant changes to EPFO, which will provide members with a range of new services, eliminating the need to visit government offices.