New EPF WITH DRAWAL Rules Explained-2019(Telugu)
Unemployed for more than a month can withdraw 75% of EPF corpus… These new rules came into existence recently.
But Before withdrawing your EPF corpus, You should know the taxation on the withdrawal when you retire, resign or terminated.
A new clause is inserted after clause 68 H in EPF act 1952…
Clause 68 H tells about the grant of advances in special cases like your company closure for more than fifteen days to six months.
New EPF withdrawal Rules 2019…
As I said above, Now it Has new clause 68 HH along with clause 68 H.
The new clause 68 HH refers like below.
68HH. Non-refundable advance to a member in case of continuous unemployment for a period of not less than one month.- The Commissioner or, where so authorised by the Commissioner, any other officer subordinate to him, may permit a member, on ceasing to be an employee in any factory or establishment to which the Act applies, a non-refundable advance up to seventy-five percent of the amount standing to his credit in the Fund, if he has not been employed in any factory or other establishments for a continuous period of not less than one month immediately preceding the date on which he makes an application for such non-refundable
From the above notification, we can arrive at the judgment of below-mentioned points.
# Unemployed for more than a month can withdraw 75% of Non-Refundable EPF corpus accumulated.
# You can not refund the amount withdrawn from EPF to EPFO. So, act wisely before withdrawing money.
# Here one month period means it is from the date of an application for such non-refundable advance is applied for.
# The person is part of EPF and eligible to pension benefits even after this withdrawal.
Do Keep a note of the point also that, along with newly inserted clause 68H H, the earlier para 69 (2) that allows 100% withdrawal after two months of continuous unemployment is still in effect. Women can withdraw 100% of the corpus for their marriage at the time of resigning. There is no need to wait for two months for women.
Hence, it is clear that if a person is unemployed for more than a month, then he can withdraw 75% of non-refundable advance from EPF corpus accumulated and still continue to be the member of EPF along with EPS(employee pension) benefits.
However, the earlier part of 100% of withdrawal is still in force.
In case of the person is unemployed for more than two months is also still in force.
Also, Resigned women employees can withdraw 100% corpus to get married at the time of without waiting for two months.
Read other articles about EPF in my blog. Click here to read.