The EPFO has informed that the EPF members can now avail non-refundable advance in case of unemployment.
EPF Withdrawal Process: The Employees’ Provident Fund Organisation (EPFO) has allowed its members to avail non-refundable advance in case of unemployment. The EPFO has recently tweeted from its official Twitter handle reminding its members about this facility extended by the EPFO.
It must be noted that the Employee Provident Fund (EPF) also referred to as Provident Fund (PF) is a government-backed scheme and is a compulsory deduction for salaried employees. It is a fund to which both the employee and employer contribute 10 per cent of the employee’s basic salary each month. Earlier this percentage was 12 per cent for private organisations.
The employer and employee deposit their contribution to the EPFO every month. Generally, the accumulated or a part of the amount in an EPF account can be withdrawn by the employee in the event of retirement, or resignation.
Now, in its recent tweet EPFO has said, “EPF Members can now avail Non-Refundable Advance in case of Unemployment.”
The tweet further explained that the members who are no longer employed for one month or more can avail a non-refundable advance of up to 75 per cent of the amount available in their PF account.
Furthermore, this facility will financially help members during unemployment and will also enable them to continue their pension membership, as their EPF accounts are not closed.
The EPF members can withdraw money from the EPF account by applying for an advance from their EPF accounts. In case of withdrawal, the employee should use his Universal Account Number (UAN), which the EPFO has issued. The employee must keep in mind that his or her Aadhaar, PAN, and bank account must be linked with the UAN. The person, who wants to withdraw, can write an application to the Commissioner asking for an advance from his EPF account. The withdrawal can be done either by submitting a hard copy of the application or by submitting an application online.
For further details, one can login to the official EPFO website at epfindia.gov.in.
