EPFO adjustments PF withdrawal rule for non-refundable advance

The Employees’ Provident Fund Organisation (EPFO) has just lately modified the Provident Fund (PF) withdrawal guidelines, permitting PF account holders to withdraw cash from their PF or EPF account (whichever relevant) as non-refundable advance. The choice goals to assist EPFO members affected by the Covid-19 pandemic. An EPFO subscriber can now use PF/EPF withdrawal facility given by the EPFO citing Covid-19 as the rationale for cash withdrawal.

Speaking on the PF withdrawal rule change SEBI registered tax and funding knowledgeable Jitendra Solanki stated, “The EPFO has changed PF withdrawal rule for non-refundable advance for those EPFO members who are severely hit by the second wave of Covid-19 pandemic. In this new rule, an EPFO member is eligible for PF withdrawal to the tune of three months basic salary plus Dearness Allowance (DA) or 75 per cent of the net PF balance, whichever is lower.” Solanki stated that the non-refundable advance from the PF is on the market to these EPFO members too, who’ve availed this facility within the first wave of Coronavirus unfold.

Advising EPFO members to withdraw PF cash on-line Manikaran Singhal, Founder at goodmoneying.com stated, “PF withdrawal claims done online helps EPFO in reducing the claim settlement time.” Singhal went on so as to add that as per the Ministry of Labour & Employment claims, on-line PF withdrawal declare may be settled in 3 days whereas the offline PF withdrawal declare would take round 20 days.

Howe to do PF withdrawal declare on-line

For on-line PF withdrawal declare, one wants energetic UAN linked with Aadhaar, PAN and checking account. Apart from this, cell quantity registered with the UAN must be operational.

Here is step-by-step information for on-line PF withdrawal declare:

1] Log in at your EPFO account utilizing the given UAN and its password;

2] Go to ‘Online Services’ tab and choose ‘Claim (Form-31, 19 and 10C) possibility;

3] Your PF/EPF account particulars will seem on the pc monitor. Enter the final 4 digits of your checking account quantity and click on on the ‘confirm’ button;

4] Confirm ‘Terms & Conditions’;

5] Click at ‘Proceed Claim Online’ button;

6] Select “PF Advance (Form 31)’ and specify motive for PF withdrawal;

7] Enter quantity required and fill your full deal with;

8] Fill your checking account particulars and add checking account cheque;

9] Click at ‘Send OTP’ possibility;

10] After receiving the OTP, enter OTP; and

11] Your PF declare on-line will get registered when you submit OTP.

The EPFO member should word that your on-line PF withdrawal declare required authentication out of your employer. The withdrawal quantity can be transferred to the given checking account after the authentication by the employer.

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