Employees’ Provident Fund Organization (EPFO) is one of the largest social security institutions in the world. It allows employees to withdraw a part of the amount deposited in their PF account for major needs like marriage, higher education, buying or building a house. Apart from this, money can be withdrawn from PF also in case of serious illness, unemployment and other special circumstances.
How many types of withdrawals can be made from PF?
People whose money is deposited in their PF account can mainly make three types of withdrawals:
- PF Final Settlement
- PF Partial Withdrawal
- Pension Withdrawal Benefit
You can withdraw money for education
According to EPFO rules, members can withdraw up to 50 percent of the total employee contribution from the PF account for the higher education expenses of themselves or their children. This facility is available for studies after class 10th.
How to withdraw PF money?
Employees can start the PF withdrawal process both online and offline. For offline process, composite claim form (Aadhaar) or composite claim form (non-Aadhaar) has to be submitted. For online withdrawal, employees can apply by visiting the EPFO portal. By adopting the online process, PF withdrawal claim is settled faster and the money is transferred directly to the bank account.
Employees Provident Fund Organization (EPFO) is preparing to bring a big digital transformation for crores of its account holders. Under the EPFO3.0 platform, soon employees will be able to withdraw money from their PF account directly through UPI app and EPF linked ATM. According to reports, this facility can start by the end of June. Union Labor Minister Mansukh Mandaviya has also indicated earlier that this new system will be announced soon.
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