Hurry up! 15 more days and you won't be able to withdraw your full EPF until you turn 58

New EPFO rules restricting employees from withdrawing their full provident fund amount will be effective from May 1^st, which means that if you are unemployed for 2 months or more and want to withdraw your full EPF, you only have 15 days left. If the deadline is missed, the withdrawal amount will be restricted and the full amount would only be accessible to you on turning 58.

It was on Feb 10, 2016 that the ministry of labour and employment had made huge changes in the EPF rules, which would now restrict the withdrawal of EPF corpus.

Earlier, a member of EPFO could withdraw 100% of the accumulated corpus, the sum total of employer's contribution, employee's contribution and their interest, if (s)he had been unemployed for a period of 2 months or more. However, the new EPF rules put a restriction on the amount that can be withdrawn. The new rule says that a member, after being unemployed for 2 months or more, will only be able to withdraw his own contribution and the interest earned on it. This means that the sum of employer's contribution and its interest will be able to be withdrawn only after the age of 58 years.

However, as a lollipop for the customers, the rule says that 90% of the employer's contribution plus interest can be withdrawn at the age of 57 years.

Image source