EPFO Update- Big news for EPFO members. Many times it also happens that we have to withdraw PF money before retirement for some important work. Like if there is a wedding in the family and you need money at that time, then you can withdraw it. According to the rules of EPFO, PF money can be withdrawn in advance i.e. before time. For this, you have to fill and submit Form 31. After filling this form, if your application is accepted, then the money will be transferred directly to your bank account.
Can you withdraw PF for these needs also?
EPFO is also expanding the reasons for PF withdrawal for its members. Apart from medical emergencies, employees can now withdraw PF money for housing, education and marriage. EPFO has made major improvements in its digital infrastructure by integrating more than 120 databases. These efforts have reduced the claim processing time to just 3 days, with 95 percent of claims now being processed automatically. Further upgrades are being worked on to make the system more efficient.
While withdrawing advance money for marriage from EPF, keep in mind that for this you can withdraw money for your own marriage or for the marriage of your son or daughter or for the marriage of your brother or sister. That is, EPFO allows withdrawal of money for family reasons.
How much money is allowed to be withdrawn?
Money comes into the PF account from two places, one is deducted from our salary, that is, contribution and the same amount is deposited by the company. This is called the company’s contribution. In such a situation, if you are withdrawing money from the PF account for marriage, then there is a rule to withdraw 50 percent of the contribution. Along with this, you are also given interest on it. Also, keep in mind that you cannot withdraw more than three advances for marriage and education.