INSUBCONTINENT EXCLUSIVE:
Every company with more than 20 employees has to mandatorily deduct EPF from employees' salaries.EPF or Employees' Provident Fund Scheme
seeks to provide retirement benefits to employees
EPF is a compulsory contribution by employees and employers
Every company that has more than 20 employees has to mandatorily deduct EPF from the salary of its employees
But do you know that you can now withdraw 75 per cent -100 per cent of your EPF money The government recently tweaked premature withdrawal
rules on EPF to offer the facility to unemployed workers
Labour Minister Santosh Gangwar also confirmed this change in the Parliament on Monday.75% of EPF balance, Withdraw EPF money If you are not
in employment for a month, you may be allowed to avail 75 per cent of the total fund standing to your credit, according to the government
Mr Gangwar said in Lok Sabha that the Central Board of Trustees (CBT) of the Employees' Provident Fund (EPF), in its 222nd meeting on June
26, had considered a proposal for insertion of paragraph 68HH in EPF Scheme 1952.When to withdraw 100% EPF moneyThe Employees' Provident
Funds Scheme, 1952, enables a member of the EPFO (Employees' Provident Fund Organisation) to withdraw the full amount standing to his credit
in the fund if he/ she ceases to be an employee in an establishment for a period of two months in a row immediately proceeding the date on
which he makes an application for withdrawal.However, the requirement of the two-month waiting period will not apply in cases of female
members resigning from the services of the establishment for marriage, Mr Gangwar said.Which are the other events for which you can withdraw
money from EPFA member of retirement fund body EPFO can withdraw up to 50 per cent of the EPF money for his or her own marriage, the
marriage of his or her daughter, son, sister or brother
However, the person should have completed seven years' contribution to EPF.You can also withdraw EPF money for post-matriculation of your
If you've been sacked by your company, up to 50 per cent of EPF money can be withdrawn.After attainment of the age of 54 years or within one
year before actual retirement on superannuation, whichever is later, an EPFO member can withdraw up to 90 per cent of his EPF amount at any
Another situation where up to 90 per cent of the EPF amount can be withdrawn is when after attaining the age of 55 years, an employee wants
to transfer that amount to Life Insurance Corporation of India for investment in Varishtha Pension Bima Yojana.If your property is damaged
due to natural calamities, you can seek Rs
5,000 or 50 per cent, whichever is lower, of your EPF contribution.EPFO members can withdraw money for construction of house or purchase for
But withdrawal for this purpose requires a member to have completed five years' membership of the EPFO.EPFO members can seek withdraw money
from EPF if they fall ill due to tuberculosis, leprosy, paralysis, cancer, mental derangement or heart ailment etc., if they are
hospitalized for a month or more and in case they have to undergo a major surgical operation.A physically handicapped member may be allowed
a non-refundable advance from his EPF account for purchasing equipment required to minimize his hardship.For fiscal 2017-18, interest rate
on EPF was 8.55 per cent, a five-year low.
