INSUBCONTINENT EXCLUSIVE:
EPFO members can withdraw money for post-matriculation education of their kids.Retirement fund body EPFO or Employees' Provident Fund
Organisation allows subscribers to withdraw money from EPF or Employees' Provident Fund for certain special purposes
EPFO recently allowed contributors to withdraw 75 per cent of the EPF balance if they have been unemployed for a month
Latest rules allow for complete withdrawal of EPF money if a contributor is unemployed for more than two months
retirement fund body's website -epfindia.gov.in1) An EPFO member can withdraw up to 50 per cent of the money from the EPF kitty for his or
her own marriage, the marriage of his or her daughter, son, sister or brother
However, the person should have completed contribution to EPF for seven years.2) EPFO members can also withdraw money for the
post-matriculation education of his or her son or daughter.3) In case a firm has been locked up or closed down for more than fifteen days
and its employees are rendered unemployed without any compensation, or in case an employee does not receive his or her wages for a
continuous period of two months or more, EPFO members can withdraw money from EPF
The amount should not exceed the member's own total contribution including interest
EPFO members can seek withdraw money from EPF if they fall ill due to tuberculosis, leprosy, paralysis, cancer, mental derangement or heart
ailment etc., if they are hospitalized for a month or more and in case they have to undergo a major surgical operation
However, the member has to prove that the Employees' State Insurance Scheme facility and benefits are not available to him and that a doctor
has recommended a surgery or hospitalization for him.6) If a member's property is damaged by unforeseen natural calamities like floods and
earthquakes, he can seek Rs 5,000 or 50 per cent, whichever is lower, of his contribution from the EPF kitty.7) A physically handicapped
member can withdraw up to 90 per cent of his EPF amount at any time after attainment of the age of 54 years or within one year before his
actual retirement on superannuation, whichever is later.9) EPFO permits EPF withdrawal of up to 90 per cent of the amount at any time after
attaining the age of 55 years by the member, to be transferred to Life Insurance Corporation of India forinvestment in Varishtha Pension
Bima Yojana.(: Provident Fund Interest Rate For FY18 Slashed To 5-Year Low)10) EPFO members can withdraw money for construction of house or
purchase for site of the house
The member is required to have completed five years' membership of the EPFO.
