The Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India. The employee and employer each contribute 12% of the employee’s basic salary and dearness allowance towards EPF
Individuals may opt for either partial or complete withdrawal of EPF. But such withdrawals can be made only under specific circumstances.
Here is a list of a few such circumstances under which individuals can withdraw EPF completely –
- On retirement.
- If their unemployment period extends more than two months.
- While switching from one profession to another or in between jobs. But the duration without a job should be more than two months.
Here is a list of a few such circumstances under which individuals can withdraw EPF partially–
- For a wedding.
- For higher education.
- For purchasing land or constructing a house.
- Repayment of home loan.
- Renovating a housing property.