The EPFO has allowed subscribers to withdraw non-refundable advances in certain cases like illness and buying a house, among others
The Employee Provident Fund Organisation (EPFO) will allow its members to make another withdrawal from the EPF account due to second wave as a non-refundable advance. This is the second time that the state-run pension fund manager has made this announcement in a bid to help citizens amid the ongoing pandemic.
The Ministry of Labour & Employment, in a press release, informed that it has permitted contributors to withdraw a non-refundable advance from their savings.
“The provision for special withdrawal to meet the financial need of members during the pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY)," the ministry said in a statement.
Further, in the release, EPFO informed that they have allowed subscribers to withdraw non-refundable advances in certain cases like illness and buying a house, among others.
"The advance has been a great help to the EPF members during the pandemic, especially for those having monthly wages of less than Rs 15,000. As of date, EPFO has settled more than 76.31 lakh advance claims thereby disbursing a total of Rs 18,698.15 crore," the ministry added.
The EPFO will settle claims within three days. The official notice mentioned that keeping in mind the urgent need for financial support in the current time, the ministry will give top priority to -related claims.
Steps to follow to withdraw second advance:
- Visit the website unifiedportal-mem.epfindia.gov.in and then log in to the portal using UAN, password, and enter the captcha
- Search and click on the 'Manage' tab and select ‘Know Your Customer (KYC)’ to ensure your Aadhaar, PAN, and other bank details are correct
- After verification, go to the 'online services' option and select 'Claim (Form 31, 19 & 10C)' from the drop-down menu
- Within seconds, the claim screen will appear and it will reflect members, KYC, and your other service details. Enter the last four digits of your bank account and click on verify on the claim screen
- After filling in your bank digits as mentioned, click on the 'Yes' option to sign as asked
- After signing, click on 'Proceed for Online Claim'
- Then you are required to select the claim under the tab 'I want to apply for'. Options like full EPF settlement or part withdrawal will be available for various claims. If you are not eligible for any of these services, then it will not be shown in the drop-down menu on the screen
- Then you will be asked to select 'PF Advance (Form 31)' to withdraw your fund (the individual must also fill in the purpose of withdrawing advance)
- After following this process, click on the certificate and submit your application. The individual will also be asked to submit scanned documents
- People should make sure that in order to receive the money into their account, the employer approves the withdrawal request. After the employer’s approval, the amount will be credited to the account within 15-20 days.