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EPFO: Employees Provident Fund Organization (EPFO) has made many rules for withdrawing money from PF account. This amount proves helpful to employees in financial difficulties and emergency situations. Here we will discuss the main provisions and circumstances of PF withdrawal.

away from job

If an employee remains away from job for more than a month, he can withdraw 75% of the amount deposited in his PF account. This provision is to provide financial assistance to the employee till he gets a new job.

upon closure of the company

If the operations of a company or factory remain closed for six months or more, the employee can withdraw his entire PF amount. However, when the company restarts, the amount withdrawn has to be returned in 36 installments.

in case of layoff

If the employee has been fired from the job, he can withdraw 50% of the amount from his PF account. It is mandatory to provide proof of unemployment at the time of application.

emergency situations

In case of emergency, such as when company operations are halted for more than 15 days, an employee can withdraw the entire 100% amount of his PF account. This provision is especially for those employees whose livelihood depends on company operations.

after retirement

There are two options available to withdraw money from PF account after retirement. In which retired employees can withdraw their entire PF together. Along with this, 75 percent can be taken as lump sum and 25 percent as monthly pension.

The process of PF withdrawal can now be completed through digital medium also. For this, it is necessary to update UAN (Universal Account Number) and bank account details. The provisions for withdrawal from PF account ensure financial security of the employees. Its use at the right time helps in overcoming difficult situations.