The Employees’ Provident Fund Organisation (EPFO) has said that it won’t give away the Covid-19 advance anymore. In a notification on June 12, 2024, EPFO said: “As Covid-19 is no more a pandemic, the competent authority has decided to discontinue the said advance with immediate effect. This will be applicable to the exempted trusts also and accordingly may be intimated to all the Trusts coming under your respective jurisdictions.”
Employee Provident Fund (EPF) account holders could withdraw money twice due to COVID-19 financial needs. It is to be noted that EPFO introduced a non-refundable advance to the EPF members during the first wave of Covid-19 pandemic. Later, another advance was introduced in the second wave with effect from May 31, 2021.
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Initially introduced in March 2020 through Pradhan Mantri Garib Kalyan Yojana (PMGKY), a second non-refundable advance was made available by the Labour Ministry in June 2021. Previously, only a single advance was permitted for EPF members.
EPF is a government-supported programme designed to offer retirement benefits to employees. It allows for the seamless transfer of EPF funds between employers when switching jobs.
EPF subscribers can withdraw their account balance in advance. Here’s how
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A. Housing loan
B. Lockout or closure of factory
C. Illness of subscriber of family member
D. Marriage of self/son/daughter/brother/sister
E. Post matriculation education of children
F. Natural calamity
G. Cut in electricity in establishment
H. Buying equipment by physically handicapped
I. A year before retirement
J. For investing in Varishtha Pension Bima Yojana
Read More: EPFO Tips: How to withdraw provident fund online | Step by step guide
To withdraw the PF amount, your first step should be to check your eligibility. After that, you need to update personal info, activate UAN, fill EPF form for partial/complete withdrawal. Full withdrawal is only allowed upon retirement or 2+ months of unemployment.
How to apply for a claim online?
> Login to the member interface using UAN credentials.
> Meet all the conditions of service eligibility and KYC as mentioned against the UAN.
> Choose for the relevant claim.
> Authenticate the details using OTP received on the number with UIDAI.
> The online claim form is submitted.
