EPF withdrawal rules after resignation changed! Heres how you can benefit
EPF Withdrawal Rules After Resignation: Heres a good news for EPF subscribers. Now, they can withdraw up to 75% of their EPF deposit if they remain unemployed for more than a month
EPF Withdrawal Rules After Resignation: Here's a good news for EPF subscribers. Now, they can withdraw up to 75% of their EPF deposit if they remain unemployed for more than a month. Through a official notification dated December 6, the Ministry of Labour and Employement has amended the Employees' Provident Fund (EPF) Scheme. The new rule has come into effect from December 6.
The decision to allow subscribers to withdraw 75% of their deposit, if they remain unemployed for over a month, was first made in June this year. However, the official notification was not released then.
The official notification dated 6th December 2018 reads: "Non-refundable advance to a member in case of continuous un-employment for a period of not less than one month: - The Commissioner, or, where so suthorised by the Commissioner, any other officer subordinate to him, may permit, on ceasng to be an employee in any factory or establishment to which the Act applies, a non-refundable advance upto seventy-five percent of the amount standing to his credit in the Fund, if he has not been employed in any factory or other establishment for a continuous period of not less thanone month immediately preceding the date on which he makes an application for such non-refundable advance."
EPF notification
So, any person who has lost job, or resigned, he/she can withdraw up to 75% of their EPF deposit after living unemployed for over a month.
If a person remains unemployed for over two months, then he/she can withdraw 100% of the EPF deposit.
Earlier, under the EPF Scheme 1952, there was no provision for partial withdrawal in case a person became unemployed. The subscriber had the only option of full withdrawal.
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