EPFO changes PF withdrawal rule for non-refundable advance

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The Employees’ Provident Fund Organization (EPFO) has recently changed the Provident Fund (PF) withdrawal rules, allowing PF account holders to withdraw money from their PF or EPF account (whichever applicable) as non-refundable advance. The decision aims to help 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 reason for money withdrawal.

Speaking on the PF withdrawal rule change SEBI registered tax and investment expert Jitendra Solanki said, “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 said that the non-refundable advance from the PF is available to those EPFO ​​members too, who have availed this facility in the first wave of Coronavirus spread.

Advising EPFO ​​members to withdraw PF money online Manikaran Singhal, Founder at goodmoneying.com said, “PF withdrawal claims done online helps EPFO ​​in reducing the claim settlement time.” Singhal went on to add that as per the Ministry of Labor & Employment claims, online PF withdrawal claim can be settled in 3 days while the offline PF withdrawal claim would take around 20 days.

How to do PF withdrawal claim online

For online PF withdrawal claim, one needs active UAN linked with Aadhaar, PAN and bank account. Apart from this, mobile number registered with the UAN should be operational.

Here is step by step guide for online PF withdrawal claim:

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

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

3]Your PF/EPF account details will appear on the computer monitor. Enter the last four digits of your bank account number and click at the ‘verify’ button;

4]Confirm ‘Terms & Conditions’;

5]Click at ‘Proceed Claim Online’ button;

6]Select “PF Advance (Form 31)” and specify reason for PF withdrawal;

7]Enter amount required and fill your complete address;

8]Fill your bank account details and upload bank account check;

9]Click on ‘Send OTP’ option;

10]After receiving the OTP, enter OTP; and

11]Your PF claim online will get registered once you submit OTP.

The EPFO ​​member must note that your online PF withdrawal claim required authentication from your employer. The withdrawal amount will be transferred to the given bank account after the authentication by the employer.

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Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

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