EPFO PROCESS EXPLAINED: How to withdraw second COVID-19 advance from PF account?
The ministry noted that the COVID-19 advance has been a great help to the EPF members during the pandemic, especially for those having monthly wages lower than Rs 15,000.
In case of financial difficulties due to the Covid-19, the government has allowed Employees Provident Fund Organisation (EPFO) members to avail second non-refundable Covid-19 advance.
The ministry noted that the COVID-19 advance has been a great help to the EPF members during the pandemic, especially for those having monthly wages lower than Rs 15,000. The EPFO will settle such claims within three days of the receipt. For this, EPFO has deployed a system-driven auto-claim settlement process in respect of all such members whose KYC requirements are complete in all respects.
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In March 2020, the government announced that a person can withdraw a part of the amount from its EPF account. This way, the person will not have to think of borrowing from anywhere and can use his money at the time of need. The EPF Scheme, 1952 provides for the grant of advance to its members in case of an epidemic.
Similar to the last process, a person can obtain a second COVID-19 advance from its EPF balance up to three months of basic salary plus dearness allowance, or 75 per cent of the balance standing in its account, whichever is less.
This advance is non-refundable, and the person will not have to deposit the withdrawn money back into its EPF account. The person eyeing an advance can make an online application using its login on the EPFO’s website.
Let’s take a look at how you can withdraw money from your EPF account. All employees, who are EPF contributors, can apply for an advance from their EPF accounts.
In case of withdrawal, the employee should use his Universal Account Number (UAN), which the EPFO has issued. Keep in mind that your Aadhaar, PAN, and bank account must be linked with your UAN. The person, who wants to withdraw, can write an application to the Commissioner asking for an advance from his EPF account. The withdrawal can be done either by submitting a hard copy of the application or by submitting an application online.
Seeing the current situation, it is better to submit an online application. After logging in, under the Online Services section, choose Claim (Form-31, 19, and 10C). Then, the next screen will appear with the details of the person and ask for the last 4 digits of the person’s bank account number. After verification, the person can click on Proceed for Online Claim. Then, the person can apply for PF Advance (Form 31). The reason for an advance can be indicated as an Outbreak of pandemic (COVID-19). The person can write the amount he requires in advance, along with his address and a scanned copy of the bank cheque. Request for an Aadhaar OTP to verify. Fill in the OTP received on the registered mobile number. Submit the application.
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