EPF withdrawal: Coronavirus impact left you short of funds? Do this to get money in pocket
The coronavirus outbreak is having a serious impact on the Indian economy. Even as the government has announced several measures for both employees as well as companies, people are having a tough time dealing with the situation.
The coronavirus outbreak is having a serious impact on the Indian economy. Even as the government has announced several measures for both employees as well as companies, people are having a tough time dealing with the situation. There is a chance that you might be facing some cash crunch too. While it is advised to use your savings to address any money requirement, you can also dig into your provident fund accounts to complete larger payments.
The process to withdraw EPF money has also been made easier by the government. Last week, the labour ministry issued a notification allowing EPFO subscribers to withdraw a portion of their retirement savings with immediate effect. The EPFO subscribers can withdraw 75% of their savings or up to a maximum of three months' basic pay and dearness allowance from their PF account – whichever is lower.
“Please note that the Covid-19 has been declared a Pandemic by appropriate Government for the entire country and therefore the employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952, are eligible for the benefits of non-refundable advance under the sub-para (3) of Para 68L which has come into force from today", said the notification, which comes into effect immediately.
How to withdraw PF money during coronavirus crisis
- Log in to your UAN account through this link - https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
- Go to online services and click on claim form.
- You will be re-direct to a page that has all your details.
- It will ask you to validate your bank account by entering the last four digit of your account number.
- Enter the details and proceed.
- Click on PF advance form 31.
- From the dropdown list, select outbreak of pandemic COVID-19.
You will be asked to upload a copy of your bank cheque or passbook. The, you will have to validate the request through an Aadhaar OTP. The amount will be credited into your account in three working days.
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