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Don't withdraw money from the provident fund without thinking, if you withdraw Rs 1 lakh you will get Rs 11.69 lakh at retirement.

Don't withdraw money from the provident fund without thinking, if you withdraw Rs 1 lakh you will get Rs 11.69 lakh at retirement.

The Employees Provident Fund Organization (EPFO) is currently facilitating the withdrawal of their deposits to provide relief to about 80 million EPF account holders so that people do not face financial hardship during the Corona virus crisis. Under this, a total of Rs 3,600.5 crore has been issued by EPFO ​​through 10.02 lakh claims within 15 days. In that case, if you are also thinking of withdrawing money from a PF (Provident Fund) account, find out how much of this money will work in your old age. Avoid lifting PF if not needed. It is earning interest at 8.5 per cent. The larger the amount withdrawn from the EPF at this point, the greater the impact on the retirement fund.

How much will your fund be affected

According to estimates, you have 20 or 30 years left in your retirement and if you withdraw Rs 1 lakh from your PF account now, it will affect your retirement fund by Rs 11.69 lakh.

How much is PF cut?
As a rule, salary earners are required to pay 12 per cent of their salary and dearness allowance to the PF account. The employer also makes a similar contribution to the employee's PF account. This amount is withdrawn after retirement. However, there are certain conditions for PF to be withdrawn even before retirement. The portion contributed to the PF account earns interest on the basis of compounding.

Amount received within 72 hours of the claim process
According to the Ministry of Labor, the payment process has begun. EPFO has settled these claims within the last 10 days. Is. Currently, applications for completed KYC (Know Your Customer) accounts are processed within 72 hours.

75% withdrawal allowed

The Employees Provident Fund Organization has recently given relief to about 80 million EPF account holders and facilitated the withdrawal of their deposits. The EPFO ​​amended the EPF scheme for it in 1952, stating that employees could withdraw 75% of the deposit or the equivalent of three months' salary. This amount can be used by the employee for their needs and will not need to be re-deposited.

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