Relief: Government again gives special exemption for withdrawal from EPF account, application for withdrawal can be made at home.
The Employees Provident Fund Organization (EPFO) has once again allowed people to take advantage of the Covid-19 Advance Scheme, considering the income of people affected by the coronavirus. Under this, EPFO subscribers can withdraw up to 3 months salary from their provident fund. You do not have to return this money. An EPFO member can apply online. Learn how to apply.
How much can be withdrawn?
The Employees Provident Fund Organization has currently given relief to about 80 million EPF account holders and facilitated advance withdrawals on their deposits. To this end, the EPFO amended the EPF Scheme-1952, stating that employees can withdraw up to 75% of the amount deposited in their accounts or the equivalent of three months' salary. Employees can use this money for their needs and will not have to repay it. This facility can be availed by any employee.
The claim will be processed within 72 hours
According to the Ministry of Labor, the process of processing all KYC accounts within 72 hours is currently underway. Last year it brought a lot of relief to the employees. EPFO had issued a total amount of Rs 18,698.15 crore under such 76.31 lakh advance claims of Covid-19.
Money can be withdrawn from PF through these simple steps
✤ To withdraw PF, the employee must first go to EPFO's website https://www.epfindia.gov.in/site_en/index.php.
✤ As soon as the website opens, you have to enter UAN and password and captcha on the right side. Then click on the sign.
✤ On the page that opens, you can see the employee profile on the right side of the page. Now click on the 'Manage' tab and select KYC (Know Your Customer) from the drop-down menu.
✤ On the second page click on the Services Online Services tab and you select Form (Form-31,19,10 c and 10D) from the drop-down list.
✤ You can see the details of the member here. Now to verify and on 'Yes' you have to enter the last four digits of the bank account.
✤ Select Form No. 31 on the next page. You will then see ‘I want to apply for’ written here, which you have to click on. Then click on ‘Proceed for online claim’.
There are some conditions for an online claim
✤ UAN must be activated
✤ Your verified support must be linked to UAN.
✤ The bank account with the IFSC code should be linked to the UAN.
