The Provident Fund is not limited to the use of loans, but may be drawn from special circumstances in daily life. However, the withdrawal of the Provident Fund requires a reasonable justification and approval by the Provident Fund Centre. Let us now look into the circumstances in which the Provident Fund can be drawn。

What are the reasons for drawing on the Provident Fund? These things can be extracted

1. Purchase or construction of home

This is one of the most common reasons for drawing on the Provident Fund. You need to provide a contract, agreement or other supporting documentation. Policies may differ from one region to another, as will the number and amount of specific withdrawals. It is recommended that local policies be informed in advance to ensure smooth extraction。

Retirement

After retirement, you can draw from the Provident Fund as a considerable fortune. It is only necessary to submit a certificate of retirement to the Provident Fund Centre. This is indeed a significant income for those who pay more in-service。

3. Total incapacity

You can apply for a pension if you are completely incapacitated by illness or accident. A certificate of total incapacity and a certificate of termination of labour relations issued by the local authorities is required。

Reimbursing the principal of the house

Reimbursing the mortgage from public funds is also a common method of drawing. There are usually two options: monthly and annual. You can choose the appropriate method according to your own circumstances and follow account balances in a timely manner。

5. Payment of rent

If you rent a dwelling, you can also pay rent from the Provident Fund. A wage income certificate and a lease contract are required. It should be noted that in some areas, there are limits to the number of withdrawals, such as only once a year, which cannot exceed the actual rental expenditure。

6. Payment of medical expenses

The Provident Fund can be used to alleviate economic stress when you or your immediate family member incurs greater medical costs due to illness. Only the relevant invoices and information will be available for application to the Provident Fund Centre。

In summary, the rationale for drawing on the Provident Fund is varied, and the user should choose the appropriate modality according to his or her circumstances and prepare the relevant information to ensure a smooth withdrawal as requested by the Provident Fund Centre。