Get PF balance in your account within 3 days: As the number of coronavirus infection cases in the country soar, the entire country has come to a standstill because of the 21-day nationwide lockdown. The economy has taken a hit and some people are facing a liquidity crisis, cash crunch at the moment. While it is advised to not dip into your retirement savings saved up in EPF, PPF account, a situation like this might force you to dig into your provident fund account.
The Union Labour and Employment Ministry recently notified amendment to the Employees’ Provident Funds (EPF) Scheme in order to allow withdrawal of non-refundable advance by the members in the event of this COVID-19 pandemic. The organization has directed all its field offices to implement the amendment.
Instant 75% withdrawal from PF account:
In its latest notification, EPFO subscribers have been allowed 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.
If you need money urgently, here’s how you can withdraw PF money during the coronavirus crisis:
Step 1: Log in to your UAN account through this link – https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
Step 2: Go to online services and click on the claim form.
Step 3: You will be re-directed 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.)
Step 4: Enter the details and proceed.
Step 5: Click on PF advance form 31.
Note that you will be asked to upload a scanned copy of your bank cheque or passbook. You will then have to validate the request through an Aadhaar OTP. Once OTP authentication is done successfully, the amount will be credited into your account in three working days.
