EPF is a long run retirement saving scheme. Subsequently, it may be withdrawn totally(100%) solely after retirement. And early retirement will not be thought-about till the individual reaches 55 years of age. Nevertheless, in the event you get unemployed for a interval of not lower than 2 months, then as per the previous rule of part 69(2) of the EPF act, you possibly can withdraw 100% of EPF stability excellent in your account.
Now, EPFO has made the Employee Provident Fund withdrawal rules extra versatile for instances of job loss and inserted a brand new rule beneath part 68HH.
A brand new clause, 68HH has been inserted after para 68H within the 1952 EPF act
As per this, If an individual has been unemployed for a interval of not much less 1 month can withdraw upto 75% of EPF balance excellent in his account as on date. The part says that, even after such withdrawal is made, the individual shall stay a part of the EPF and eligible for pension advantages. Nevertheless, the advance can’t be remitted again into the EPF i.e. will probably be non-refundable.
Along with this, the round clearly states that para 69(2) (previous rule) continues to be persevering with. Meaning, after two months of steady unemployment, 100% of EPF withdrawal is allowed. Nevertheless, the ready interval of two months doesn’t apply in instances of girl retiring from providers for the aim of getting married. The snapshot of round is given beneath,
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