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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