The Employees' Provident Fund Organization (EPFO) has changed the rules for its members to withdraw EPF advances, meaning advances from their PF accounts. These new rules will make it easier to withdraw PF funds for education, medical treatment, marriage, and household needs. The EPFO ​​shared this information on the social media platform "X."

How much money can be withdrawn from PF account?

According to the EPFO, after completing one year of EPF membership, members can withdraw up to 75% of their total PF balance. This balance includes contributions made by the employee and the company, along with the interest earned on them. The rules for withdrawing PF advances for medical treatment have provided significant relief to members. PF advances can be withdrawn as many times as needed for personal or family treatment. Therefore, there is no specific withdrawal limit for this purpose.

PF advances can be taken 10 times for education, 5 times for marriage, and 5 times
for children's or self's education. However, a maximum of 10 withdrawals from PF for this purpose are allowed during the entire membership period. Money can be withdrawn from the PF account for one's own or a family member's marriage. For this purpose, a member can take a maximum of 5 PF advances during his/her membership period.

PF advance can also be availed for house purchase
PF advance can be availed for buying a house, constructing a house or flat, repaying a home loan or renovating a house. A maximum of 5 withdrawals are allowed for these house-related reasons. Under Category-3 of EPFO, members can avail PF advance twice in a financial year under special circumstances notified by the Central Board of Trustees (CBT). Also, in case of job loss, the member has the facility to withdraw up to 75% of the PF fund. Hence, in case of sudden financial crisis, the PF fund can be used to support the member.

PC: Jansatta