1. The contributions to the Provident Fund account can be accessed by an employee for specific needs, subject to a minimum balance requirement.
2. Medical treatment, marriage, construction, purchase or repair of property, and repayment of home loans are some of the needs for which money can be withdrawn.
3. Up to 90% of the total balance can be withdrawn as a pre-retirement withdrawal after the employee has attained 54 years of age.
4. The advance is subject to limits on the amount, the number of withdrawals and documentation required to prove the specific situation.
5. The advance from the Provident Fund is not repayable if used for the stated purpose. However, it reduces the amount available to the employee on retirement.
(Content courtesy: CIEL & contributions by Girija Gadre and Arti Bhargava)
2. Medical treatment, marriage, construction, purchase or repair of property, and repayment of home loans are some of the needs for which money can be withdrawn.
3. Up to 90% of the total balance can be withdrawn as a pre-retirement withdrawal after the employee has attained 54 years of age.
4. The advance is subject to limits on the amount, the number of withdrawals and documentation required to prove the specific situation.
5. The advance from the Provident Fund is not repayable if used for the stated purpose. However, it reduces the amount available to the employee on retirement.
(Content courtesy: CIEL & contributions by Girija Gadre and Arti Bhargava)
Source:-The Economic Times
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