There are many provisions for withdrawing money from the Employees’ Provident Fund (PF) account under the rules made by the Employees’ Provident Fund Organization (EPFO). This amount can prove to be helpful in your difficult times. Let us understand under what circumstances you can withdraw how much money from your PF account.
In a state of unemployment
If an employee is away from work for more than a month, he can withdraw 75% of the amount from his PF account.
When the company is closed
If a company or factory’s operations are shut down for six months, the employee can withdraw his entire PF amount. However, when the company restarts, the withdrawn amount has to be returned in 36 installments.
In case of layoff
In case of dismissal from the job, the employee can withdraw 50% of the amount from his PF account. However, he has to provide proof of not having a job while applying.
At work stoppage
If in an emergency situation the company’s operations are closed for more than 15 days, the employee can withdraw 100% of the amount deposited in his PF account.
Options on retirement
After retirement, the employee has two options. First, he can withdraw the entire amount of his PF account in lump sum. The second option is monthly pension (EPS), under which a fixed amount is received every month as pension.
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