In what comes as a relief to account holders amidst the raging coronavirus pandemic, the Employees’ Provident Fund Organization (EPFO) changed its Provident Fund withdrawal rules, enabling PF account holders to withdraw money from their PF or EPF account as a non-refundable advance. This will be helpful for people affected by the Covid-19 pandemic. As per the new law, an EPFO subscriber can use his PF/EPF withdrawal facility given by the EPFO citing Covid-19 as the reason for their money withdrawal.
To support EPFO subscribers who are severely hit by the second wave of the COVID-19 pandemic, the EPFO has changed the PF withdrawal rule for non-refundable advance. Moreover, the new rule will allow its subscribers to withdraw their three months basic pay or 75% of their net PF balance, whichever is lower.
PF withdrawal claims can be done online and that will help its subscribers to reduce the claim settlement time. Online PF withdrawal claim can be settled in 3 days and the offline PF withdrawal claim would take around 20 days.
During these trying days, EPFO ventures to offer support to its subscribers to meet their financial needs. Individuals who already availed of the first COVID-19 advance can now opt for the second advance as well. The process and services for the withdrawal of the second Covid-19 advance are similar to the first advance.