The money deposited in the PF fund comes in handy in times of trouble. EPFO has made some rules for withdrawing PF, under which you can withdraw the amount deposited from the PF account. Let us know when and how much money employees can withdraw from PF.
If you work in a company or factory and some part of your earnings is deposited in your PF account, then that money can be useful in your bad times. EPFO monitors the PF account and makes all the rules related to it. In this news, we will tell you when and how much money you can withdraw from your PF account.
EPFO has made rules regarding PF, in which it is told that how many days an employee can take how much percentage of his PF amount and which factors work in this. Let’s understand.
In case of unemployment
If an employee is away from work for more than a month due to any reason, then he can withdraw 75 percent of the amount from his PF account.
If the company is closed for 6 months
If the company in which the employee works closes for 6 months, then the employee has the option to withdraw the entire amount deposited in the PF account. But when the company or factory starts again, the employee has to deposit back the amount withdrawn from the PF along with his salary in 36 installments.
In case of layoff
If someone is working in a company and is suddenly fired from the job, then also he has the option to withdraw money from PF. In this situation, the employee can withdraw up to 50 percent of the money from the PF account.
If work is closed for more than 15 days
If an emergency situation arises in which the company has to be closed for 15 days, then in such a situation the employee can withdraw up to 100 percent of the amount deposited in his PF account.
Retirement plan
EPFO gives employees the option to withdraw money from PF in two ways after retirement. The first option is that the employee can withdraw the entire PF amount at once after retirement. Apart from this, the second option is EPS pension, under which the employee gets a fixed amount of pension every month.
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