Outlook Money
EPFO allows withdrawals to purchase or construct a house or buy a plot for home construction if the member doesn't own a house.
It allows withdrawals to refund a loan's outstanding principal and interest from a nationalised bank.
If an employee loses a job due to a company closure can claim an advance under the EPFO rules.
If the employee needs medical treatment can withdraw by filing form 31 and a certificate from the doctor with employer's signature.
One can take an advance for the marriage of a sibling, children or self, provided the account has been open for over seven years.
It allows withdrawals for children's education by filing form 31 and submitting a cost estimate from the institution head.
It allows withdrawals to purchases equipment that reduces hardship because of being handicapped.
One can withdraw up to 90% of the EPF fund by filing form 31 if the member is over the age of 54.
Compiled By Himani Verma