PF withdrawal: How much can you withdraw and what are the rules?

Are you working in a company or factory? If a portion of your income is deposited into your PF account, that money will be useful during times of financial crisis. The Employees' Provident Fund Organisation (EPFO) makes all the rules regarding PF accounts. Accordingly, you can find out in this collection when and how much money you can withdraw from your PF account.

EPFO has created rules regarding what percentage of his PF amount an employee can take for how many days, and what factors are involved in this.

Money is allowed to be withdrawn based on different reasons like unemployment, demonetization, and retirement.

Unemployment

If an employee has been out of work for more than a month for any reason, he can withdraw 75 percent of the amount from his PF account.

If the company is closed for 6 months

If the company an employee works for is closed for 6 months, there is a chance to withdraw the entire amount deposited in the PF account. But when the company or factory restarts, the employee has to repay the amount taken from PF along with his salary in 36 installments.

Dismissal

If a person working in a company is suddenly dismissed from work, he also has the opportunity to withdraw money from PF. In this situation, the employee can withdraw up to 50 percent of the money from the PF account.

In case of emergency

In case of emergency, if the company has to be closed for 15 days, the employee can withdraw up to 100 percent of the amount deposited in his PF account.

Pension scheme

After retirement, EPFO ​​offers employees the option to withdraw money from PF in two ways. The first option is that the employee can withdraw the entire PF amount at once after retirement. Apart from this, EPS can also be received as pension amount. That is, an amount will be received as pension every month from the PF account.