PF Withdrawal New Rule: Take Advance from EPF Account When You Are Unemployed

·2 min read

The Employee Provident Fund Organization (EPFO) has allowed its members who have been unemployed for one month or more to avail non-refundable advance. Through its Twitter handle, EPFO said that the members can avail an advance of up to 75% of the total amount that is available in their Provident Fund (PF) accounts. This service will provide financial assistance to members while they are unemployed and will also allow them to retain their pension membership because their EPF accounts are not terminated.

In the midst of the coronavirus pandemic, the government has been doing everything necessary, in collaboration with the EPFO, to guarantee that individuals receive their cash from PF accounts. In this respect, the organization had earlier in May authorized its members to get a 2nd non-refundable Covid-19 advance.

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Previously, the non-refundable withdrawal to the degree of basic salaries and dearness allowances would be granted for 3 months or up to 75% of the sum remaining to member’s credit in the EPF account, whichever one is smaller.

The COVID-19 advance has been of considerable assistance to EPF members throughout the pandemic, particularly for those with monthly earnings of less than Rs 15,000.

Other Updates by EPFO:

1)If the final EPF withdraw has not been completed, an EPF member may use the “Covid advance facility” even after leaving service.

2) According to EPFO’s notice, if a PF account holder dies under any circumstance, such as Covid-19, his or her family would get a maximum of Rs 7 lakh as part of the Employee’s Deposit Linked Insurance (EDLI) Scheme. Previously, the highest barrier was set at Rs 6 lakh. It has now been raised to Rs 7 lakh. The minimum amount has remained at Rs 2.5 lakh.

3) To assist the families of Insured Persons (IP) under the ESIC plan, the Labour Ministry provided significant social security assistance to dependents of employees who died as a result of Covid-19. There are two benefits: compensation for a worker’s salary loss owing to Covid-19, and payment of expenditures for a departed worker’s final rites.

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