I am wkg. in a firm where my pf is deducted I want to know how to withdrawn the PF amt.I am wkg. since last 2 years. and also want to know in whose favour the check is to be written.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 14 September 2013
EPF account cannot be treated like any other saving bank account implying that there are certain specified criteria under which withdrawal is permitted from an EPF account.
Withdrawal from EPF after leaving an Organization
On switching jobs, an employee can apply for transfer of money from the EPF account through a form which is filled by the employee and attested by the designated authority at the employer.
Withdrawal of money from the account in between two jobs is illegal and is permissible only under the following two circumstances:
>When a member is in between two jobs >If the member has been unable to find another job for over two months
Reason Requirement Amount allowed No. of times permitted Education or marriage
> The employee should have completed at least 7 years of employment or service.
> Withdrawal allowed for self, sibling(s) or children's marriage.
> Withdrawal permitted for self or children's education only.
> Proof of the education or wedding required to be submitted, such as a valid copy or a bonafide certificate of the payable fees or the wedding invitation.
> In case of education, the individual needs to apply in Form 31 through his/her employer. 50% of the total corpus amount till date
Permitted thrice only during a person's total service tenure
Medical treatment
> Withdrawal permitted for medical treatment of self, spouse, parents and children.
> There is no restriction regarding the number of years of service.
> The proof of hospitalization for a month or more along with an approved leave certificate from the employer for the corresponding period needs to be produced.
> The member needs to obtain and deposit a certificate from the employer or ESI stating that ESI facility is not accessible or available to him/her.
> A certified proof or document of the disease should be submitted in Form 31 while applying for withdrawal. 6 times the monthly salary of an individual or the total corpus amount, whichever is lesser
Anytime
Purchase of a plot
> Should have completed at least 5 years of service.
> The plot or property should be registered in the person's or his/her spouse's name or should be owned jointly.
> The plot should not be entangled in any legal issues and the agreement registered under the Indian Registration Act with the Flat Promoter needs to be submitted along with the application form. Up to 24 times the salary of the individual
Once during entire service tenure
Construction or purchase of a flat, house or plot > Should have completed at least 5 years of service.
> The house should be registered in the person's or his/her spouse's name or should be owned jointly. 36 times the monthly salary of the individual Once during entire service tenure Repayment of Home Loan
> Should have completed at least 10 years of employment.
> The house should be registered in the person's or his/her spouse's name or should be owned jointly. 36 times the monthly salary of the individual
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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