5 EPF updates that EPFO subscribers ought to know
2 min readThe Employees Provident Fund Organisation (EPFO) has made numerous bulletins within the latest occasions to make EPF withdrawal attainable from one’s Provident Fund (PF) steadiness. These latest EPFO updates embody second Covid-19 advance to non refundable advance from the EPF account. These updates in regard to PF withdrawal might be an avenue for fund raiser, in case, the EPF account holder comes throughout any form of monetary disaster.
Here are the 5 EPF updates that EPFO member ought to know:
1] Second Covid advance: The EPFO has introduced that an EPF account holder who has availed Covid advance in first wave is now eligible for second Covid advance from one’s PF account. In this EPFO aid, an EPF account holder can withdraw as much as 75 per cent of the EPF steadiness or 3-months primary wages plus Dearness Allowance (DA).
2] Non-refundable advance: An EPFO member, who just isn’t in job for one month or extra, can withdraw as much as 75 per cent of their PF steadiness. This facility has been given to the EPF account holder with out closing their PF account enabling the EPFO member to proceed pension profit below EPFO pension guidelines.
3] Covid advance after leaving job: An EPFO member is now eligible for Covid advance from one’s EPF account even after leaving his or her job supplied full and last PF withdrawal hasn’t been claimed.
4] Rise in insurance coverage profit below EDLI scheme: The EPFO has raised the utmost insurance coverage profit below EDLI scheme from ₹6 lakh to ₹7 lakh. Now, if an EPF account holder dies throughout the providers, then its nominee or authorized inheritor (whichever relevant) will probably be eligible for insurance coverage profit as much as ₹7 lakh. However, the minimal threshold has been left unchanged at ₹2.5 lakh.
5] EPF Aadhaar seeding: The EPFO has made it necessary for the EPF and PF account holders to hyperlink their respective EPF account with Aadhaar card. In case of non-linking of Aadhaar-EPF account, employers will not be capable to contribute in such EPF accounts as EPFO will not permit employers to file ECR (Electronic Challan-cum Return) for such EPF accounts. Earlier the deadline for Aadhaar EPF hyperlink was thirty first May 2021, which has been now prolonged to 1st September 2021.
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