Withdraw PF balance 5 times for marriage expenses:Find here for what reasons can you pull out money from EPF a/c at times of need

In the recently concluded meeting of the board of the retirement fund body, the Employees Provident Fund Organisation (EPFO), the Central Board of Trustees (CBT), it was decided that the withdrawal rules for the Employees Provident Fund (EPF) subscribers be liberalised. This means now PF members will be able to pullout balance before the expiry of the scheme for higher number of times than it was allowed, earlier.Albeit, there were speculations that the trustees’ board might hike the minimum pension under the EPS-95 from the current ₹1,000 to ₹2,500. But, nevertheless this decision was not made. But, still the various withdrawal liberalisation measures undertaken by the board would financially help the citizens in more than one way. Lets see what are those steps: Liberalisation steps taken by the EPFO: Withdrawal limit for marriage expenses hiked to 5 times: Now: For funding marriage expenses, the subscriber can now pullout money lying in his PF account 5 times throughout his service period. While, the PF member can withdraw 10 times the balance for funding education expenses. Earlier: Before this, they were allowed to take out money for a total of only three times for both of the above mentioned purposes. Minimum work experience requirement: Now: Minimum work experience required for withdrawal of PF balance has been made only 12 months for each of the above-mentioned circumstances. Subsequently, this 12-month would also apply in case of following emergencies: Earlier: Before, the requirement of minimum years of service required for the pullout of PB balance varied according to the purpose of withdrawal. Special Circumstances: Now: The PF subscriber does not have to specifically sub-classify the reason for the pullout under the ‘Special Circumstances’ category. Earlier: Earlier, the reason given for withdrawal of funds under the ‘Special Circumstances’ category had to be clarified as natural calamity, shutting down of workplace, continuous un-employment, epidemic, etc New provision: The EPFO has inserted a new provision which is the requirement of maintenance of minimum balance in the the member’s account. This should be equivalent to 25% of the contributions in the member’s account. The subscriber is required to maintain the minimum balance all the time. The CBT’s meet was chaired by Minister of Labour Employment, Mansukh Mandaviya.