Please advise on the following points. One of our company's employees is getting married in December and he wants to withdraw/advance his PF amount for his marriage.
Eligibility for PF Withdrawal
1. In case an employee has completed 3 years of service in an organization and wants to withdraw his PF from EPFO, is he eligible to withdraw PF? If yes, what is the procedure for the same?
Advance from PF Account
2. In case he wants an advance from his PF account, is there any rule that a person who has completed 7 years can apply for an advance of PF?
Maximum Amount for Advance Payment
3. What is the maximum amount an employee can apply for as an Advance Payment?
Please advise at the earliest.
Best Regards,
Nupur
From India, Valsad
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Eligibility for PF Withdrawal
1. In case an employee has completed 3 years of service in an organization and wants to withdraw his PF from EPFO, is he eligible to withdraw PF? If yes, what is the procedure for the same?
Advance from PF Account
2. In case he wants an advance from his PF account, is there any rule that a person who has completed 7 years can apply for an advance of PF?
Maximum Amount for Advance Payment
3. What is the maximum amount an employee can apply for as an Advance Payment?
Please advise at the earliest.
Best Regards,
Nupur
From India, Valsad
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Withdrawal of PF for Marriage
Withdrawal of P.F for reasons of marriage requires a mandatory 7 years of service. If 7 years of service have been completed, then Form 31 applies. Proof is necessary, such as a notice of marriage or a copy of the invitation card.
Understanding the 7-Year Requirement
However, there is a common misunderstanding regarding the minimum requirement of 7 years. It does not have to be with just one employer but can be cumulative service of 7 years. If the employee has maintained a PF account for 7 years, they are eligible.
Withdrawal Limit for Marriage
For marriage-related reasons, up to 50% can be withdrawn from the PF account.
Assisting Ineligible Employees
If an employee is not eligible and you or your organization wish to assist, you can provide an advance on the money and deduct it in equal installments.
Regards,
Nupur
From India, Mumbai
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92Withdrawal of P.F for reasons of marriage requires a mandatory 7 years of service. If 7 years of service have been completed, then Form 31 applies. Proof is necessary, such as a notice of marriage or a copy of the invitation card.
Understanding the 7-Year Requirement
However, there is a common misunderstanding regarding the minimum requirement of 7 years. It does not have to be with just one employer but can be cumulative service of 7 years. If the employee has maintained a PF account for 7 years, they are eligible.
Withdrawal Limit for Marriage
For marriage-related reasons, up to 50% can be withdrawn from the PF account.
Assisting Ineligible Employees
If an employee is not eligible and you or your organization wish to assist, you can provide an advance on the money and deduct it in equal installments.
Regards,
Nupur
From India, Mumbai
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Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc