INSUBCONTINENT EXCLUSIVE:
PF withdrawal: EPFO allows partial withdrawals from the PF corpus under certain conditionsEPF or Employees' Provident Fund is a
government-run pension scheme aimed at the salaried individual
For the current financial year, which ends on March 31, 2019, investment in EPF fetches interest at the rate of 8.65 per cent, as against a
five-year low of 8.55 per cent paid in the previous financial year
The EPFO or Employees' Provident Fund Organisation allows the subscriber - or employees of an organisation of 20 or more individuals - to
make a partial withdrawal or "advance" from a PF corpus under certain conditions, according to its website - epfindia.gov.in
The retirement fund body, EPFO, also allows a 100 per cent withdrawal - or full withdrawal - in case the subscriber is unemployed for two
(Read: How to file an online PF withdrawal claim)MarriageAn EPF subscriber can withdraw up to 50 per cent of the employee share with
interest in the EPF account for the marriage of self, son/daughter or brother/sister under certain conditions
The EPF subscriber must have completed seven years of service to qualify for this type of advance from the account, according to the EPFO
Retirement fund body EPFO allows three such withdrawals for this purpose.( How to check EPF balance)EducationThe subscriber is also allowed
three similar withdrawals for the purpose of post-matriculation education of children, according to the EPFO website
This means the subscriber, after having completed seven years of service, is allowed three withdrawals of 50 per cent of employee share with
interest for education of his or her child.Purchase of propertyEPF members having completed five years of service can apply for an advance
for purchase of a house/flat or construction of a house, under certain conditions
The EPFO allows only one such withdrawal, and the amount allowed for such a withdrawal is limited to the least of 36 months of basic wage
along with dearness allowance (DA), the total of employee and employer shares, or the total cost of such purchase or construction, according
to the provident fund body's portal.For purchase of a site for building a house, the amount allowed is the least of 24 months of basic
wages and dearness allowance, the total of employee and employer shares, or the total cost of such purchase or construction, according to
the EPFO.The house in this case is required to be owned by the subscriber, the spouse of the subscriber, or jointly by the subscriber and
the spouse, according to the PF body.Repayment of home loanThe EPF subscriber is allowed to withdraw from the corpus for repayment of
outstanding principal and interest towards a home loan under certain conditions
The provident fund subscriber can claim such a withdrawal after having completed 10 years of service, and the amount permitted in such a
case is limited to the least of 36 months of basic wage and dearness allowance, the total of employee and employer shares, or the total
Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
