The Covid-19 gives many sleepless nights, especially the second wave. In terms of spending, the sudden outbreak of the pandemic has left people with limited options. People are finding ways to combat the second wave. People who urgently need money can now rely on the Employees’ Provident Fund (EPF). Yes, you heard it right! You can withdraw part of the amount from your EPF account.
In the event of financial difficulties due to the Covid-19, the government announced last year that a person could withdraw part of the amount from their EPF account. This way, the person does not have to think about borrowing from anywhere and can use their money in time of need. The 1952 EPF program provided that its members would receive an advance payment in the event of an epidemic. A person can receive an advance from their EPF balance up to three months of base salary plus love money or 75 percent of the balance in their account, whichever is lower. This advance is non-refundable and the individual does not need to return the withdrawn money to their EPF account. The person seeking an advance can submit an online application by logging in to the EPFO website.
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Let’s take a look at how to withdraw funds from your EPF account. All employees who make EPF contributions can request an advance from their EPF accounts. In the event of a withdrawal, the employee should use their Universal Account Number (UAN) issued by the EPFO. Note that his hair, PAN and bank account must be linked to his UAN. The person who wishes to resign can apply to the Commissioner for an advance from their EPF account. The revocation can be made either by submitting a printout of the application or by submitting an application online.
Given the current situation, it is better to submit an online application. After logging in, select Eligibility from the Online Services section (Forms 31, 19, and 10C). Then the next screen appears with the person’s details and asks for the last 4 digits of the person’s bank account number. Once verified, the person can click Continue to Claim Online. Then the person can apply for PF Advance (Form 31). The reason for progress can be given as a pandemic outbreak (COVID-19). The person can write the amount they need in advance along with their address and a scanned copy of the cashier’s check. Request an Aadhaar OTP for verification. Enter the OTP that you received under the registered mobile number. Submit the application.
