Weddings can be a costly affair, driven by personal preferences and obligations. Whether it’s your own wedding or that of your children, managing finances can become a major concern. However, if you are a subscriber of the Employees’ Provident Fund Organization (EPFO), you can find some relief, as EPFO allows you to take advances or withdraw money in advance for these special occasions.
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The significance of PF money
For millions of people employed in the private sector, the provident fund, known as PF, serves as a crucial pillar of social security. Managed by the EPFO, it not only helps in meeting sudden financial needs but also ensures a guaranteed amount for retirement.
EPFO has extended significant support to its subscribers on various occasions. During the COVID-19 pandemic, EPFO introduced the Covid Advance facility for its members. Additionally, if you lose your job, you have the option to withdraw funds from your PF account. Similarly, whether you wish to purchase or renovate a house or need funds for weddings, EPFO allows withdrawals from the PF account.
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EPFO’s guidelines
In a recent tweet, EPFO provided detailed information on withdrawing money from the PF account for marriage purposes. According to EPFO, if a subscriber is getting married or it’s their sibling’s or child’s wedding, they can avail the EPFO marriage advance facility. This allows the withdrawal of an amount equal to 50 percent of the subscriber’s share, along with accrued interest.
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Considerations for withdrawal
To withdraw money from the PF account under EPFO’s Marriage Advance scheme, certain conditions must be met. EPFO has outlined these conditions as well. The first requirement is that the subscriber should have been a member of EPFO for at least seven years. Additionally, the second condition states that the advance facility, including for marriage and education, can only be availed a maximum of three times. In other words, funds can be withdrawn from the PF account for marriage or education purposes up to three times only.
By adhering to these guidelines, EPFO subscribers can find financial assistance for their marriage-related expenses, relieving some of the financial burdens associated with these joyous occasions.
