Partial EPF Withdrawal scheme Expiring Soon

Due to the COVID-19 pandemic, the Employee Provident Fund Organisation (EPFO) had allowed the EPF account holders to make non-refundable advances from their EPF accounts in case of financial emergencies caused due to the lockdown.

The government had eased the withdrawal rules of EPFO during the lockdown so that the EPF members could make partially withdraw from their account. The withdrawal facility was, however, available only till 30th June 2020.

Hence, even after the covid-19 lockdown in india if you are among those who are  facing  financial crisis and if you are  having an EPF account, you can make a partial withdrawal to manage  the COVID-19 financial crisis. Keep in mind though, you just have a few days in hand. If you want to make a withdrawal from your EFP account, you can get the money transferred in your bank account online, once your epf partial withdrawal application is approved by the EPFO.

While the government had relaxed the EPF withdrawal rules, it also announced that one can withdraw a certain amount from their EPF account, only if the account holder is facing a financial crisis due to the COVID-related lockdown.

According to the EPF withdrawal rules, one can make a partial withdrawal of an amount equal to 3-months of their basic salary and dearness allowance (DA) or 75 per cent of the credit balance in the account, whichever is lower. For instance, you have Rs 200,000 in your PF account, and your basic salary plus DA is 30,000 and you wish to withdraw 75 per cent of the amount, i.E. Rs 150,000 – you will not be allowed to do that.

Epf account holder will only be allowed to withdraw Rs 90,000, which is equal to 3 months of his basic salary plus Dearness allowance.

You can check your salary slip to find out the actual amount, of your basic salary. To apply for PF withdrawal or advances, as an employee you can either log in to the EPF website or access the Umang app from your phone.

To make the EPFO claim process faster, be it related to partial withdrawal and transfer of provident fund, or pension, EPFO had launched the multi-location claim settlement facility wherein, EPFO offices can settle claims online from any regional office in the country.

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