EPF: Employees’ Provident Fund Organisation Share/Stock Price, News & Updates

What is EPF?: The Employees’ Provident Fund is an investment plan established with retirement in mind. Withdrawal ought to be avoided unless an emergency arises. After three years from the date of account opening, EPF members may use the money accumulated in their EPF account to help with their housing needs.

About EPF Withdrawal

Form 31 can be used to obtain an advance from the EPF account or to make a partial withdrawal from it. Form 31 is available through the UAN portal. To apply for an EPF advance, you must, however, have your bank account information, PAN, and Aadhaar information updated on the portal.

Employer, employee, and government contributions are used to build the Employees’ Provident Fund (EPF), a long-term investment fund (in some cases).

To give people a safety net during retirement, a statutory organization known as the Employees’ Provident Fund Organisation (EPFO) administers the social security program.

Rules of Epf Withdrawal

 Upon retirement, an employee receives the total money invested throughout the years plus the required interest.

The most recent EPFO guidelines state that EPFO members can quickly use their PF money to handle any financial hardships brought on by the COVID-19 epidemic.

Owners of PF accounts can now submit withdrawal requests online for up to 75% of their account’s net balance or three months’ worth of their base pay + dearness allowance, whichever is less.

This is a deposit that is not refundable. While offline claims may take up to 20 days to be resolved, online claims are required to be resolved within 72 hours.

Details Epf Withdrawal

To make withdrawals from the PF account, one must follow several EPF withdrawal regulations, nevertheless. According to the recently introduced Paragraph 68-BD in the EPF Scheme, 1952.

EPF members may request a withdrawal of up to 90% of the accumulated corpus to pay a down payment on a home, make EMI payments, or start a new home.

Previously, the maximum withdrawal amount was capped at the sum of the employer and employee contributions plus interest for 36 months, whichever was smaller.

Growth Epf Withdrawal

Additionally, the member did not have to be a participant in the housing program to use this service. He only needed to have been an EPF member for five years.

The EPF Scheme, 1952 now includes Paragraph 68-BD, giving members extra possibilities for using their funds. The time limit has also been shortened to three years (starting with account opening).

The member’s minimum PF balance must be greater than 20,000, either on an individual basis or when combined with the spouse’s balance if the latter is also an EPFO member.

However, a person may only use their PF balance once in their lifetime to purchase real estate.