PF Withdrawal: The Employees’ Provident Fund Organization (EPFO) has established a number of procedures for taking money out of the Employees’ Provident Fund (PF) account. This sum may come in handy during your trying times. Let us know under what conditions you are able to take out how much money from your PF account.
In a jobless situation
An employee may take out 75% of his PF account if he is absent from work for more than a month.
If the company closes down
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 However, when the company restarts, the withdrawn amount has to be returned in 36 installments.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% amount from his PF account. However, he has to give proof of not having a job while applying.
When work stops
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.
Retirement Options
The worker has two choices once they retire. He can first take a lump sum withdrawal of the full amount in his PF account. The second choice is monthly pension (EPS), which provides a set monthly pension payment.
