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EPFO: Members can now avail non-refundable advance from their PF deposit, Check details

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Subscribers of the Employee Provident Fund (EPF) who have been jobless for more than one month due to the COVID-19 pandemic can get a non-refundable advance from their Provident Fund (PF) account. The Employees Provident Fund Organisation (EPFO) announced on its official Twitter account that its subscribers can get a 75 per cent advance from their PF account. EPFO has recently announced on its Twitter handle that "This facility will financially help members during unemployment and will also enable them (members) to continue their pension membership, as their EPF account are not closed."

 

EPFO: Members can now avail non-refundable advance from their PF deposit

During the COVID-19 epidemic, the government, in conjunction with the EPFO, has taken a number of steps to guarantee that EPF subscribers can avail money from their PF accounts. In this regard, the organisation permitted its subscribers to receive a second non-refundable Covid-19 advance in May. An EPFO member can take out a non-refundable advance of up to three months' basic pay and dearness allowances, or up to 75 per cent of the balance in his or her EPF account, whichever is less. EPFO has also stated on its Twitter account that "EPF Members can now avail Non-Refundable Advance in case of Unemployment."

According to the Employees Deposit Linked Insurance (EDLI) Scheme, if a PF account holder dies in any event, including Covid-19, a nominee or legal heir will get a lump sum insurance cover up to a limit of Rs 7 lakhs. The maximum amount paid under EDLI was formerly Rs 6 lakh, but it has now been increased to Rs 7 lakh. Under the EDLI, the minimum sum payable is Rs 2.5 lakh. Even after quitting employment, if the entire EPF withdrawal has not been processed, an EPF member may use the "Covid advance facility."

However, members of EPF should also keep in mind that the Employees' Provident Fund Organization (EPFO) has extended the deadline to link the Aadhaar number with the universal account number (UAN) for submitting electronic challan-cum-returns until September 1, 2021, as per circular No. WSU/15(1)2019/ATR/529 dated June 15, 2021.

Read more about: epf epfo pf
Story first published: Tuesday, June 22, 2021, 11:49 [IST]
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