In case of some medical emergency as also for Covid situation, members of EPF (India's social security scheme for those working with the organized sector), are now extended a new facility as per which they can withdraw or avail of Rs. 1 lakh from their EPF corpus. Also, for this borrowing members need not give any cost estimations.
The circular in this regard was circulated by the provident fund organization on June 1, 2021. Further it said, that the advance of Rs. 1lakh can be availed for sudden hospitalization owing to any of the lethal disease including coronavirus.
Notably, previously also EPF came with such a facility to withdraw funds for medical emergencies but for that an EPF member needed to provide cost estimates or was available only as medical bill reimbursement.
For availing the same Rs. 1lakh advance against EPF A/c some of the guidelines that needed to be noted are as though:
Guidelines to avail of Rs. 1 lakh medical emergency advance from EPF a/c
1. The medical advance shall be offered if the patient has been admitted to government/ public sector unit/ CGHS panel hospital for treatment. In a case the patient is getting treatment at a private concern then the same shall be verified by an EPFO officer before the advance is extended.
2. The employee (EPF member) or his or her family need to provide such details including where the treatment is being availed, patient's details and also put in that there is no cost estimation and medical advance should be provided.
3. The member or his/ her family can then get the amount within 1 hour of applying for the facility for help at the time of hospitalization.