New Delhi: Employees Provident Fund is a long-term investing mechanism with contributions from the employee, employer, and occasionally the government. In other words, PF is an Employees’ Provident Fund Organisation social security programme (EPFO). Upon retirement, employees use it as a source of protection for their finances. When an employee retires, the employer pays him the amount that has been accrued over the years in the PF account as well as the stipulated interest.
When can you withdraw money?
The money can be withdrawn from EPFO on the following conditions:
However, the EPFO amended several withdrawal policies for those with financial difficulties in the wake of the coronavirus outbreak. According to the new regulations, PF account holders may withdraw up to 75% of their net account balance or three months’ worth of their basic pay and dearness allowance, whichever is less. To enable the withdrawal of PF funds by a person facing unemployment before retirement due to shutdown or retrenchment, a substantial adjustment was implemented.
Process for withdrawing PF funds:
EPFO member has to log in to unifiedportal-mem.epfindia.gov.in and then
You will be redirected to a new page. Check your KYC information at the Digitally Approved KYC area at the bottom of the page. Verify the accuracy of the information.
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