Provident Fund or PF account is taken into account one of the crucial dependable retirement-oriented fund accumulators. According to Employees’ Provident Fund Organisation (EPFO) guidelines, it’s obligatory for the EPFO subscribers and its recruiter to contribute 12 per cent of the essential wage of the worker. However, in line with the PF withdrawal norms, an EPF account holder can go for the Provident Fund or PF withdrawal in sure circumstances like lack of job, reimbursement of dwelling mortgage, shopping for a house or dwelling renovation, and so on.
Speaking on the PF withdrawal guidelines that enables an EPFO member to go for partial EPF withdrawal SEBI registered tax and funding skilled Jitendra Solanki stated, “Partial EPF balance withdrawal is allowed under certain conditions like medical emergency, job loss, home loan repayment, home buy, marriage of children, etc.”
Solanki stated that within the case of job loss, an EPF account holder can withdraw as much as 75 per cent of the EPF steadiness after one month of unemployment whereas the remaining 25 per cent PF withdrawal is allowed if the unemployment continues for a further one month.
PF withdrawal rule for dwelling shopping for
EPFO guidelines permitting partial PF withdrawal for dwelling purchase Manikaran Singhal, founder, goodmoneying.com stated, “An EPF account holder can withdraw as much as 90 per cent of the EPF steadiness for getting a house or for dwelling renovation. In reality, if an EPFO member has availed dwelling mortgage earlier then in that case too, the EPFO subscriber can withdraw as much as 90 per cent of the EPF steadiness for dwelling mortgage reimbursement.
On PF withdrawal rule for marriage of kid Jitendra Solanki stated, “An EPF account holder can withdraw up to 50 per cent of one’s contribution plus EPF interest for its child marriage. However, for PF withdrawal under this condition, the EPF account has to be at least seven year old.”
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