EPF works to offer support in old age. The money that is being deducted from your profits in the form of PF is known as EPF. EPF is managed via the EPFO employer.
12 percent of the primary earnings of each hired person is deposited in EPF.
You may withdraw this deposited money before retirement in a few situations. But the reasons given for withdrawal should be valid. In case you withdraw cash because of a scientific emergency, then there may be a high chance that your claim will not be rejected.
Why can a claim be rejected?
Giving incorrect facts—every time a declaration is made for withdrawal under EPF, take into account that the statistics given are correct. If this fact seems to be wrong, then you may go through a large loss. Filling in the wrong records can lead to your claim being rejected by means of EPFO.
Claiming extra—in case you declare more than the quantity for your EPF account, it could also get rejected. Therefore, it is important to check the stability earlier than claiming. EPFO sends a message to human beings each month. wherein the balance information is given.
Claiming more than the restriction given—you cannot withdraw all the cash deposited underneath EPF. One-of-a-kind rules had been made regarding this. Even in case you request to withdraw more money than the restriction, the claim gets rejected.
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