With a large number of people withdrawing their PF money when they switch jobs, the Employees Provident Fund Organization (EPFO) is working on tightening the norms to ensure that employees have sufficient cash, and a pension option, to take care of their post-retirement needs.
At present, rules permit partial withdrawals for financing insurance premiums, housing, illness, marriage, higher education, natural calamities, purchase of aids by the handicapped, needs arising out of closure of a factory or retrenchment and, of all things, power cuts! In some cases, employees can withdraw up to 90% of their PF savings.
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