EPFO Rules: People often struggle to withdraw money from their PF accounts. However, there is no need to worry anymore. The EPFO ​​has revised several rules, making it much easier to withdraw funds from a PF account. Many people wonder how much money they can withdraw—and how—if they lose their job or resign for any reason. Let us explore this in detail.

What changes have been made?
Previously, withdrawing money from the EPFO ​​involved navigating numerous hurdles. Now, the entire withdrawal process has been simplified. The earlier system, which comprised 13 different conditions and categories for withdrawal, has been streamlined into just three categories.

The first category covers emergencies; you can withdraw funds for expenses such as medical treatment for family members, children’s education, and family weddings. You can also withdraw funds under this category if you need money to buy or build a new home, renovate your house, or repay a home loan. Additionally, employees can withdraw 75% of their PF balance without citing any specific reason.

How do you get the money if you lose your job?
If you lose your job or resign, you can withdraw 75% of your PF balance as soon as you become unemployed. You can withdraw the remaining 25% after being unemployed for 12 consecutive months. Previously, you could withdraw 100% of the funds after being unemployed for two months; however, this rule has been modified to ensure future financial security.

How to withdraw money online:
First, visit the EPFO ​​member portal and log in using your UAN and password.
Ensure that your date of leaving the job is updated on the portal.
Next, click on ‘Online Services’ and then select the ‘Claim’ option. Next, verify the process by entering the last four digits of your bank account number.
Select Form 19 for the full withdrawal and Form 10C for the pension.
Once the process is complete, an OTP will be sent to the mobile number linked to your Aadhaar; enter it and click ‘Submit’.
If the process is completed successfully and all the information you provided is correct, the funds will be credited to your PF account within 3 to 7 days.