One may choose to withdraw EPF completely or partially. EPF can be completely withdrawn under any of the following circumstances:
a. When an individual retires from employment
b. When an individual remains unemployed for a period of 2 months or more. Here, it needs a mention that the fact that the individual is unemployed for more than 2 months has to be certified by a gazetted officer.
Further, complete withdrawal of EPF while switching over from one job to another without remaining unemployed for 2 months or more(i.e. During the interim period between changing jobs), will be against the PF rules and regulations and therefore illegal.
Partial withdrawal of EPF can be done under certain circumstances and subject to certain prescribed conditions which have been discussed in brief below:
1 Marriage Up to 50% of employee’s share of contribution to EPF 7 years For the marriage of self, son/daughter, brother/sister
2 Education Upto 50% of employee’s share of contribution to EPF 7 years For the education of either himself or his children after class 10
3 Purchase of land / purchase or construction of a house For land – upto 24 times of monthly wages plus Dearness allowance
For house – upto 36 times of monthly wages plus Dearness allowance 5 years The asset i.e. land or the house should be in the name of the employee or spouse or Jointly.
4 Home loan repayment Upto a maximum of 90 %, from both employee’s contribution and employer contribution in Employee Provident Fund. 10 years i. The property should be registered in the name of the employee or spouse or jointly
ii. Withdrawal permitted subject to furnishing of requisite documents as called for by the EPFO relating to the housing loan availed,
iii. The accumulation in the member's PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
5 Renovation of house Up to 12 times of the monthly wages 5 years The property should be registered in the name of the employee or spouse or jointly.
6 A little before retirement Upto 90% of accumulated balance with interest Once he reaches 57 years ( as per recent amendment) For himself