The EPFO recommended new EPF withdrawal rules.. It emphasizes that, under typical circumstances, employees cannot withdraw their provident fund before retirement, although partial withdrawal is permitted in exceptional situations such as medical emergency, further education, and purchasing/building a home.
Nonetheless, the contract stipulates that an employee must notify their unemployment in order to withdraw 75% of their EPF after one month and 100% after two months if they quit their job.
According to EPFO Officials statement 30% tax may be assessed on EPF withdrawals if they exceed Rs. 50,000 within five years of opening the account and the employee does not have a PAN card.
