The provident fund is a long-term investment. But according to the rules of EPFO, employees can withdraw money for essential needs like the time of medical emergency. According to tax and investment experts, you can also withdraw money for medical emergency or treatment of serious diseases. According to experts, PF balance can also be used for covid treatment.
Jitendra Solanki says, PF account holders can withdraw money to treat. But it has to be kept in mind that this amount can be withdrawn only when the disease is very serious and its treatment will be expensive. ‘
Talking about how much money can be withdrawn during a medical emergency, Tax and Investment Expert Balwant Jain says, “6 times more than a month’s contribution can be withdrawn at the time of medical emergency.” On the use of PF amount in Covid treatment, Balwant Jain explains, ‘It is true that PF money can be withdrawn at the time of Covid and Medical Emergency, but it has to be kept in mind that its hospital bill is very important. Also, the disease should be serious and its treatment should be expensive. ‘
That if you stay in the hospital for more than a month then you can withdraw money from the PF account. If Covid treatment falls under these rules, then PF balance can be withdrawn.