As per the PF Withdrawal Policy, it is now mandatory to contribute 12 per cent of the basic salary of the employee. Additionally, as per the norms, EPF account holder can now withdraw Provident Fund in certain conditions like repayment of home loan, loss of job, home renovation, buying a home, etc.
Speaking to SEBI registered tax and investment expert Jitendra Solanki, The PF withdrawal rules that allow an EPFO member can choose to withdraw partial EPF withdrawal under certain circumstances like job loss, the marriage of children, medical emergency, home buy, home loan repayment, etc.”
Solanki said that in case a person loses his/her job, the EPF holder can withdraw 75 per cent of the EPF balance after one month of unemployment and the rest 25 per cent PF withdrawal is allowed if he/she continues for another month without a job.
PF Withdrawal Policy for Home Buying
EPFO rules allow partial PF withdrawal for the person who is buying a home. As per the founder of goodmoneying, “An EPF account holder can withdraw up to 90 per cent of the EPF balance in circumstances like the home renovation or buying a home. In case, if the EPFO member has availed home loan earlier then he can withdraw up to 90 per cent of the EPF balance for home loan repayment.
For the child marriage PF withdrawal policy, the EPF account holder is liable to withdraw up to 50% of their donations and child marriage EPF interest. Remember, in this case, the EPF account should be at least 7 years old.