Employees’ Provident Fund (EPF) is an investment fund that is built over the long-term contributions made by the employee, employer and in some cases by the Government. It is the social security program managed by the Indian Government to provide a safety net to people during their retirement. At the time of retirement, the employee receives the total amount which was invested over the years, along with the specified interest. However, an employee can withdraw money from the Employees' Provident Fund Account (EPFA) only even they are following the below described conditions:
If the employee reaches the age of retirement, he can withdraw the entire accumulated corpus, along with interest on the same.
Individuals can withdraw 75% of the accumulated corpus if they are unemployed for a month. However, if they remain unemployed for a period of 2 months or more, they can withdraw the remaining 25%.
Partial early withdrawal, i.e., before retirement of the employee is permitted only in certain special cases like Marriage, Higher Education, making down payment for a house, medical emergencies etc. provided certain conditions are fulfilled.