Yes, It is possible to get EPF money immediately after the resignation. Few people know that EPFO can waive ‘two month’ waiting condition for certain employees. This rule is prescribed in the EPF act itself. I will tell you today about these conditions.
There are many deserving people who can take benefit of this waiver, but due to the lack of information, they have been forced to wait for 2 months. Sometimes they have to spend money just because of this waiting period. Suppose you have to leave the city just after the resignation, but you can’t apply immediately. You have to come back after two months to start the withdrawal process.
Indeed, two month waiting period is to deter the withdrawal of PF, so that your retirement corpus remains intact if you find another job soon. But if you need money genuinely and there is a clear case of not joining a job in India then you can withdraw the total EPF balance just after leaving the employment. Let’s see the conditions.
Get EPF money soon after the resignation, If you are going Abroad
Those employees who are going abroad for settlement and they don’t intend to return soon, can Apply for immediate PF withdrawal.
Those employees who have gotten employment in a foreign country can also apply for PF Withdrawal just after the resignation.
To avail this concession you have to give proof of that. You will have to produce visa copy as well as appointment letter, if any.
Female Member can Withdraw if she is leaving service for marriage or Child Birth
Yes, this is also a less known waiver. But in the EPF scheme document (section- 69 para-2) this consideration is clearly mentioned. In this case also you have to give the proof of the marriage. It may be a wedding card as well. This provision can be very useful for those female members who leaves a country or city just after the marriage.
Many female members leave the service to take care of their new-born child. Such members can also get the EPF money just after leaving the job. They are not required to wait for 2 months.
There are other regular case when EPF is disbursed just after the end of the service. These are after the retirement or death of the employee. You can also take non refundable loan from the EPF.
Once again, I would like to say to my readers, Don’t rush for PF withdrawal just after leaving service. It is very hard to accumulate the retirement corpus, Please don’t put it at risk by withdrawing. Instead, one should transfer it. Also premature EPF Withdrawal can make you liable to heavy income tax.