The Employees’ Provident Fund (EPF) is a social security scheme to ensure the financial well-being of salaried employees after retirement. Though it is a retirement fund, they can withdraw money from it under certain circumstances. The employees contribute 12 per cent of their basic salary to the fund each month, and the employer contributes the same amount. The amount deposited towards the EPF account earns an annual interest rate. When Can You Withdraw Funds From EPF? is a common question asked by people.

Here are some circumstances under which they can withdraw the EPF funds prematurely:

Unemployment: If a person is out of a job for one month or more, the person can withdraw up to 75 per cent of the funds from the EPF account. The balance is transferred to a new account when the person gets a job.

Medical Needs: In case of any medical needs, one is allowed to withdraw funds from EPF. The medical requirement should be for the self or a family member. The member can withdraw six months of basic wages and dearness allowance or the employee’s contribution with interest, whichever is least.

Marriage: One can withdraw up to 50 per cent of the employee’s share in EPF fund for the marriage of self, brother, sister, son, or daughter. It also applies when they contribute to the fund for seven years.

Children’s Education: One can prematurely withdraw up to 50 per cent of the employee’s share in EPF fund for children’s education, provided they contributed to the account for a minimum of seven years. To withdraw, one must submit a certificate about the course and estimated costs from the college.

Differently-Abled Employees: In the case of a differently-abled employee, advance withdrawal is allowed to buy equipment to minimise hardships. It is limited to six months of basic pay and dearness allowance or employee’s contribution with interest or cost of such equipment, whichever is lower.

House Purchase, Construction, Or Site Acquisition: EPF members can withdraw funds for house purchase, construction or site acquisition. For this, they must be a member for at least five years. For site purchase, the withdrawal limit is 24 months of basic wages and dearness allowance, or employee and employer share with interest or the total cost, whichever is lower. For purchasing a house, it is 36 months of basic salary and dearness allowance or the total contribution by the employee and the employer, whichever is lower.

For home renovation, one can withdraw 12 months of basic salary and dearness allowance or an employee’s contribution with interest or the cost, whichever is lower. Note that the house should be in the name of the EPF member, spouse, or jointly with spouse.

For any loan taken for the house purchase, construction, or renovation, the EPF member can withdraw money from the EPF account only when the contribution has been made for at least 10 years. The withdrawal limit is the lower of 36 months of basic salary, and DA or the total contribution of the employee and employer with interest for the equated monthly instalment (EMI) or the outstanding principal and interest on the loan.

Withdrawal Within One Year Of Retirement: One can ask for advance withdrawal if the retirement is due in one year. In this case, the withdrawal amount is limited to 90 per cent of the amount accumulated in the EPF account. For this, one should be over 54 years of age.

You can check the EPF balance on the Employees’ Provident Fund Organization (EPFO) Portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/