Monday, 10 December 2018

EPF advance withdrawal rules for any of needs, 5 things you need to know

EPF advance withdrawal rules for any of needs, 5 things you need to know
Provident fund is a saving vehicle designed by EPFO (Employees Provident Fund Organisation) under Ministry of Labour and Employment.

For building a sizeable corpus under PF (provident fund), employees contribute 12 per cent from their respective salaries, basic pay plus DA (dearness allowance), and the employer adds the same amount in relative terms. 

EPF advance withdrawal rules for any of needs, 5 things you need to know

The EPF is conventionally meant to be utilised after the retirement of an employee, however, the EPFO allows an individual to withdraw the amount before retirement also.
The EPF amount can be withdrawn in case of necessities such as repayment of a loan, unemployment for more than 2 months, for treating illness of any family member, for marriage of self, daughter, son, brother, etc and for purchase, construction of a house. The amount which can be withdrawn from the EPF account is subject to various criteria and the tenure of EPFO membership.

0 comments:

Post a comment

Recent Posts