Withdrawing one’s EPF (Employee’s Provident Fund) balance has hitherto been a tedious task. You need to fill several forms, arrange documents, visit the EPF office (EPFO) and follow up continuously. Not any more. The entire process is now online, which enables you to apply for EPF withdrawal from the comfort of your home. The proceeds are credited directly into your bank account. There are a few things, though, that you need to keep in mind.
TIMING OF WITHDRAWAL
Changes in rules since 2016 have reduced the time an individual has to wait for after leaving employment to withdraw EPF balance. “If an EPF subscriber has been unemployed for over a month, they can withdraw up to 75 per cent of the EPF corpus and have the remaining 25 per cent transferred to a new EPF account when they start working again,” says Suresh Sadagopan, founder, Ladder7 Financial Advisories. However, if you wait one more month, you can withdraw more. “Employees below 58 can withdraw the entire EPF balance after two or more months of leaving a job,” says Archit Gupta, founder & CEO, Cleartax.
This story is from the May 04, 2020 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 04, 2020 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Silent Revolution
A Growing Force, The Woman Elector In India Is Realising The Power Of Her Vote And Using It To ***direct Her Own And The Nation's Destiny
The Forbidding Fruit
The disturbed snow cycle, the price of imported urea, cheaper imports from the South Asian neighbourhood-the whole world, it would appear, has been conspiring against the apple farmers of Himachal Pradesh.
Chicken Soup for the Heart
Former veejay, actor and now travel influencer, Shenaz Treasury is out with a book based on past romances-All He Left Me Was a Recipe
CITY OF DREAMS
This anthology of stories about Mumbai is like the city itself-crowded and chaotic, but ultimately illuminating
Diverse Vignettes
Edited by Arunava Sinha, The Penguin Book of Bengali Short Stories is a landmark new anthology which includes several previously untranslated works
A BREATH OF FRESH PERSPECTIVE
Ganesh V. Shivaswamy brings a sharp and balanced approach to his three volumes on Raja Ravi Varma
Time Travel
An exhibition in Bengaluru is showcasing an unseen artwork by legendary artist Raja Ravi Varma
INDIA AT CANNES 2024
The 2024 Cannes Film Festival marks the first time in 30 years that India has a feature film in the Palme d'Or competition section. And there's lots more...
Cusp of Greatness
Shriya Pilgaonkar comes into her own as an intrepid reporter in Zee5's The Broken News
THE GREAT DISRUPTOR
Rapper SlowCheeta is trying to shake things up with his EP, Scene Mein Bawaal