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.

EPF WITH DRAWAL RULES.

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
advance
.”.

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# You can not refund the amount withdrawn from EPF to EPFO.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.

 

 

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