Through this form, full or partial withdrawal of EPF can be done. You can withdraw the entire money only when you retire from the job.
There is a rule to withdraw full money even when an employee is unemployed for 2 consecutive months. For this, it will have to be written by a gazetted officer.
If you want to claim PF money or withdraw funds ahead of time, then you should have complete information about EPF Form 31 EPF form 31. If you want to withdraw PF money then it is necessary to fill this form. EPF or Employees’ Provident Fund is a savings scheme run by the government, the facility of which is given to the salary earners.
Employees deposit retirement funds through this scheme. Some part of their salary is deducted every month and deposited in EPF. Later, 60 percent of that fund can be withdrawn by the employee and 40 percent has to be deposited in an annuity plan.
However, EPF money is not allowed to be withdrawn during the job. But in some circumstances it is allowed, which has a special rule. To meet the need of emergency, there is a right to withdraw EPF money with special conditions. For this, the employee has to fill Form 31.
Through this form, full or partial withdrawal of EPF can be done. You can withdraw the entire money only when you retire from the job. There is a rule to withdraw full money even when an employee is unemployed for 2 consecutive months. For this, it will have to be written by a gazetted officer. You can withdraw the entire amount of EPF only on his writing.
When can you withdraw EPF money
If an employee does not fulfill these two conditions, then he will not be entitled to withdraw the full amount of EPF. If an employee wants to withdraw part of EPF, then for this it is necessary to fill Form 31. For this, 6 situations have been given by the government for which EPF money can be withdrawn prematurely.
The first condition in this is education in which the employee can take 50 percent of the total EPF. For this, 7 years of service should be completed. You can withdraw this money only when after 10th you have to spend money on your child’s education.
Funds can be taken with these conditions
The second situation is marriage, for which 50% of the total EPF fund can be withdrawn. For this the job should be completed for 7 years. This money can be withdrawn for own marriage, brother-sister or daughter-son marriage. The third situation is the need for money to buy land or build a house.
If you want to buy land, you can withdraw 24 times the monthly salary and DR from EPF. You can withdraw money up to 36 times the salary to buy a house. For this, 5 years of service should be completed. The house or land which is going to be bought should be in his own name or in joint with the spouse.
You can get up to 90% money
The fourth condition for premature withdrawal of EPF money is for home repairs. The employee can withdraw money up to 12 times of his monthly salary. For this the job should be completed for 5 years. The house, which is to be repaired, should be in the name of himself or in the name of his wife or in the joint name.
The fifth circumstance is related to home loan repayment. In this situation, the employee can take 90 percent of his contribution and the contribution of the company. For this one year job should be completed. The house which is taken should be in own, wife or joint name. For this, some documents have to be submitted to the EPFO.
What to do for this
The sixth circumstance is to withdraw money before retirement. In this, an employee can withdraw 90 percent of the entire fund with interest. This is possible only when the age of the employee has completed 57 years. This withdrawal is done to meet your financial needs. For all these works, it is necessary to fill Form 31.
Two methods can be adopted for this. Download Form 31, after filling it, submit it to the office of EPFO. One can also fill Form 31 online and apply for PF withdrawal.
