EPFO: Check PF Withdrawal Rule For Non-refundable Advance & Claim Procedure

The Employees' Provident Fund Organisation (EPFO) has revised its withdrawal restrictions, letting PF account holders withdraw funds as a non-refundable advance from their EPF account. The measure is intended to assist EPFO members who have been impacted by the Covid-19 epidemic. An EPFO member can now employ the EPFO's PF/EPF withdrawal service, mentioning Covid-19 as the cause of withdrawal. EPFO members can now withdraw up to three months' basic salary + Dearness Allowance (DA) or 75% of their gross PF balance, whichever is lower, under the new regulation. Members who have previously taken use of the first COVID-19 advance can now also make use of the second advance as well.

The provisions and procedures for withdrawing the second COVID-19 advance are identical to those for withdrawing the first advance. The organisation further stated that if these claims are submitted online, they will be processed within three days, whereas offline PF withdrawal claims will require approximately 20 days to settle. EPFO has implemented a system-driven auto-claim settlement process for all such individuals who have completed their KYC standards in all aspects. EPFO is now able to minimise the claim settlement process to only three days thanks to the auto-mode of settlement.

{photo-feature}