How much amount can withdraw for Marriage, Illness, Purchase/ construction of house, for education, retirement, Unemployment etc using Advance PF Amount Withdrawal option in Epfindia website…
Safety is what all people require these days; it might be financially or physically. Coming to financial constraints, people tend to feel they are secured if they have PF account and that money can be received by them after retirement. The huge PF amount that candidates receive after their retirement will help the people in their old age and that gives them a thought of security to love their older life.
PF amount withdrawal is possible after the retirement age is just a normal thing and every one of us knew it. But it is to be known that we can also withdraw certain amount from our PF amount, under certain conditions and constraints. Here is the article that help you to know the various conditions and constraints that your withdraw amount from your PF account and that to what limit you can withdraw.
Under the withdrawal system there are two types of loans one can get, one is refundable and non refundable, refundable is where one needs to repay the loan amount on periodic basis and that non refundable, people are not required to pay anything and that amount is the pf withdrawal amount from the EPF account.
How to get advance PF Amount Withdrawal / PF money from your EPF Account
An employee can withdraw the PF amount during his service period for medical expenses, marriage or for purchase of house and other such cases. An employee will be allowed to withdraw the pf amount of 90% if he decides to withdraw the advance amount from PF account before one year of retirement.
Education:
One can withdraw amount for his / her daughter or son’s higher education. You are permitted to a withdrawal amount of 50% of his share along with interest. You are allowed to make withdrawals up to 3 times under these criteria.
Purchase/ Construction of House:
One can make advance withdrawal of money from their PF account for the purchase or construction of house or flat. One can withdraw up to 3 years of the basic pay and dearness allowance or may be the total of the employee and the employer contributions along with interest amount. The only condition under this is that the house is to be owned by the employee or the spouse of the employee.
Marriage:
Here are the one more criteria that you can withdraw advance money from PF account. All you need to be required to avail the amount under marriage criteria is that you should have been in to service period for a minimum period of 7 years. An employee can withdraw up to 50% of his PF amount from his EPF account. You can make up to 3 withdrawals from these criteria.
Retirement: An employee can withdraw up to 90% of the PF amount, after attaining the age of 54 or one year before the age of superannuation whichever is later.
Illness: One can withdraw the advance amount from their PF account for their medical issues. They can also withdraw for their spouse illness, children or also parents. An employee can withdraw up to an amount of 6 months of his basic pay along with dearness allowance or his entire money whichever is lower. One of the advantages of this is that there is no limit on the service period to withdraw amount for illness cause.
Unemployment: An employee is allowed to withdraw an amount of up to 75% of the PF amount in case of loss of job or candidate suffering unemployment.
This article is useful to EPF holders for how much amount can withdraw their PF account for various purposes. We have provided the latest information on EPF. Keep visit website for further updates. You can also visit the EPF India official website for more updates.