Salaried person must know about employees provident fund
(EPF) as most of them need to contribute a fixed percentage of salary monthly. But
most of us treat it as a pension plan as the amount can be withdrawn on
retirement only. This post is about when and which condition the amount from
EPF can be withdraw even before the retirement.
However it is not similar to saving bank account in which the
amount deposited can be withdraw anytime. These are the occasions and
conditions in which the amount can be withdraw from the EPF account.
Reason
|
Requirement
|
Amount allowed
|
No. of times permitted
|
Education or marriage
|
> The employee
should have completed at least 7 years of employment or service.
|
50% of the total
corpus amount till date
|
Permitted thrice only
during a person's total service tenure
|
> Withdrawal allowed
for self, sibling(s) or children's marriage.
|
|||
> Withdrawal
permitted for self or children's education only.
|
|||
> Proof of the
education or wedding required to be submitted, such as a valid copy or a
bonafide certificate of the payable fees or the wedding invitation.
|
|||
> In case of education,
the individual needs to apply in Form 31 through his/her employer.
|
|||
Medical treatment
|
> Withdrawal
permitted for medical treatment of self, spouse, parents and children.
|
6 times the monthly
salary of an individual or the total corpus amount, whichever is lesser
|
|
Anytime
|
|||
> There is no
restriction regarding the number of years of service.
|
|||
> The proof of
hospitalization for a month or more along with an approved leave certificate
from the employer for the corresponding period needs to be produced.
|
|||
> The member needs
to obtain and deposit a certificate from the employer or ESI stating that ESI
facility is not accessible or available to him/her.
|
|||
> A certified proof
or document of the disease should be submitted in Form 31 while applying for
withdrawal.
|
|||
Purchase of a plot
|
> Should have
completed at least 5 years of service.
|
Up to 24 times the
salary of the individual
|
Once during entire
service tenure
|
> The plot or
property should be registered in the person's or his/her spouse's name or
should be owned jointly.
|
|||
> The plot should
not be entangled in any legal issues and the agreement registered under the
Indian Registration Act with the Flat Promoter needs to be submitted along
with the application form.
|
|||
Construction or
purchase of a flat, house or plot
|
> Should have
completed at least 5 years of service.
|
36 times the monthly
salary of the individual
|
Once during entire
service tenure
|
> The house should
be registered in the person's or his/her spouse's name or should be owned
jointly.
|
|||
Repayment of Home Loan
|
> Should have
completed at least 10 years of employment.
|
36 times the monthly
salary of the individual
|
Once during entire
service tenure
|
> The house should
be registered in the person's or his/her spouse's name or should be owned
jointly.
|
|||
Alteration or
Renovation of house
|
> Should have
completed at least 5 years of service.
|
Up to 12 times the
individual's monthly salary
|
Once during entire
service tenure
|
> The house should
be registered in the person's or his/her spouse's name or should be owned
jointly.
|
|||
Pre-retirement
|
> The individual
must be at least 54 years old.
|
90% of the total
corpus amount
|
Once during entire
service tenure
|
0 Comments