The new rule EPFO members must know:
Earlier, the retirement body used to allow subscribers to withdraw non-refundable advance in certain cases like illness, buying a house etc. In 2020, the central government amended Provident Funds Scheme, 1952 to permit people people withdraw their money from the retirement fund, mentioning COVID-19 amid global pandemic.
EPF account holders can withdraw basic pay and dearness allowance (DA) of three months or 75 per cent of their Provident Fund money or whichever is lower as advance. However, members can apply for lesser amounts as well. Those who have already taken an advance from theirs PF accounts last year, are also eligible to opt this service.
In case of emergencies, especially during coronavirus pandemic, individuals can fall back upon the Provident Fund money, instead of taking loans. To take non-refundable advance from PF account, you will need three things — 1) Your UAN number must be activated, 2) UAN number should be linked with Aadhaar, PAN and the bank account numbers, 3) The mobile number that has been used to activate the UAN must be in working condition to receive the one-time password (OTP).
A step-by-step guide to withdraw money from your PF account online
1) Login to your EPFO account using your UAN and password.
2) Go to the tab ‘Online Services’ and select the option ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
3) A screen will open displaying members details, PAN card, Aadhaar card and bank account number. You will be asked to enter the last four digits of your bank account and click on ‘Verify’…Read more>>