Key Highlights:
Subscribers may be allowed to withdraw their EPF money once every 10 years — without giving any specific reason.
Only up to 60 percent of the total EPF balance may be withdrawn at a time to ensure enough savings remain for retirement.
No need to wait for retirement or unemployment — EPF funds could become more accessible for personal use at any age.
New Delhi: Now, you may not have to wait until you retire or leave your job to take out money from your EPF account. The government is planning a big change in the rules.
Withdraw EPF Money Every 10 Years
As per sources, EPFO (Employees’ Provident Fund Organisation) is planning to allow members to withdraw some or all of their EPF money every 10 years. This means you can take out money even at the age of 30, without any special reason.
Only 60 percent Withdrawal Limit
But the government is also thinking about setting a limit. You may be allowed to take out only 60 percent of the money at one time. The rest will stay safe for your future needs, like retirement.
What Were the Old Rules?
Till now, full EPF money could only be taken out:
- After retirement (at age 58)
- Or after being jobless for more than 2 months
- Partial withdrawal was allowed only for special needs like:
- Building a house
- Medical treatment
- Education
- Marriage
Recent Changes in EPF Rules
Now you can take out 90 percent of your EPF money for buying a house after just 3 years (earlier it was 5 years).
Advance claim limit has increased to Rs 5 lakh, which helps in getting money faster without approvals.
