Monday, 2 December 2019

Latest Employees' Provident Fund (PF) Withdrawal Rules 2019

Provident Fund (PF) withdrawal rules 2019

Latest PF 2019

According to EPFO, individuals are worthy to withdraw provident fund balance in the situation of marriages of children, their higher education, compensation of home loans, urgent medical situations, restoration of home, purchase or construction of a house, acquire of land and at a particular age before having retired.
However, certain rules have been put in place to address the urgent requirements of people under which a person is allowed for premature withdrawals from the EPF account.

New Withdrawal Rules Provident Fund (PF) 2019:-

  • Unemployment: According to the latest EPF rules, a person is allowed to withdraw up to 75% of the total EPF balance on being unemployed for one month after resigning a job. The left 25% of the EPF balance can be withdrawn if the person remains jobless for over 2 months.

  • Retirement: After reaching the age of 54 years and within 1 year of retirement/superannuation (whichever is earlier), a person is suitable to withdraw up to 90% of the PF balance.

  • Marriage/education of children: In case of financial requirement for the purpose of marriages or post matriculation education of children, you can withdraw up to 50% of the employee share with interest-only after ending of 7 years.epf withdrawal online

  • Handicapped: by any chance of handicapped people, the EPFO body allows part withdrawal from the EPF balance for buying equipment for minimizing trouble on account of handicap. Under this, a person can withdraw 6 month’s basic wages and high cost of living allowance (DA) or employee share with interest or cost of equipment, whichever is the least.

how to pf withdraw

  • Illness: A person can apply for partial withdrawal from the EPF balance for the treatment of illness in certain cases. For self-usage or for the treatment of family members, EPFO permits a person to withdraw 6 month’s basic wages and DA or employee share with interest, whichever is the least.

  • Loan repayment: For the compensation of home loan EMIs, an individual is eligible to withdraw 36 month’s basic wages and DA or total of employee and employer share with interest or total remaining principal and interest, whichever is least, only after finishing the 10-year membership period. pf withdrawal process online

  • Purchase of land/house: A person is allowed for impulsive partial withdrawal from the EPF account for purchasing land or house only after finishing point of 5 years as a member of EPFO. For the purpose of purchase of house/flat/construction of house including the acquisition of the site, an individual is allowed to withdraw the total of employee and employer share with interest or total cost or 24 month’s basic wages and DA (for purchase of site)/36 month’s basic wages and DA (for purchase of house/flat/construction), whichever is lower.

  • House renovation: Entertainingly, EPFO also has a facility of incomplete premature withdrawal for addition/adjustment/development in the house owned by member/spouse/jointly with a spouse. Under this, a person can withdraw 12 month’s basic wages and DA or employees share with interest or cost, whichever is the least. This aptitude can be availed two times, first time, after 5 years of completion of the house and, for the second time, after 10 years from withdrawing the balance for the first time. Latest EPF 2019


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