Day: July 14, 2018

Employee Provident Fund: 5 cases when you can withdraw the entire EPF money

Employee Provident Fund: 5 cases when you can withdraw the entire EPF money

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The Employees Provident Fund (EPF) is a part of one’s salary that is deducted each month for retirement saving. The amount contributed to the fund is based on a fixed rate and employees can earn a certain amount of interest in their EPF balance. For most salaried individuals, the Employees’ Provident Fund (EPF) forms the backbone of their saving needs. This social security fund is governed by the Employees’ Provident Fund Scheme, 1952. According to the scheme, an EPFO member can withdraw the entire amount standing to the credit of the fund in the following cases 1)On retirement from service after attaining the age of 55 years. A member who has not attained the age of 55 years at the termination of the service shall withdraw the full amount standing to his/her credit. 2) A member