The Covid-19 gives many sleepless nights, especially in the second wave. In terms of spending, the sudden onset of the pandemic left people with limited options. People are looking for options to fight the second wave. People in need of money can now bet on the Caisse de Prévoyance des Salariés (EPF). Yes, you heard right! You can withdraw part of the amount from your EPF account.
In the event of financial difficulties due to Covid-19, the government announced last year that a person can withdraw part of the amount from their EPF account. This way, the person won’t have to think about borrowing from anywhere and can use their money when they need it. The 1952 EPF Plan provides for the granting of an advance to its members in the event of an epidemic. A person can get an advance on their EPF balance of up to three months of base salary plus cost allowance, or 75 percent of their account balance, whichever is less. This advance is non-refundable and the person will not have to return the money withdrawn to their EPF account. The person eyeing a lead can apply online using their login on the EPFO website.
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Let’s see how you can withdraw money from your EPF account. All employees, EPF contributors, can request an advance from their EPF account. In the event of withdrawal, the employee must use his universal account number (UAN), which the EPFO issued to him. Keep in mind that their Aadhaar, PAN, and bank account must be linked to their UAN. Anyone wishing to withdraw may send a request to the Statutory Auditor to request an advance on their EPF account. Withdrawal can be made either by submitting a hard copy of the request or by submitting an online request.
Considering the current situation, it is preferable to submit an application online. After logging in, in the Online Services section, choose Complaint (forms 31, 19 and 10C). Then the following screen will appear with the person’s details and ask for the last 4 digits of the person’s bank account number. After verification, the person can click on Proceed with online complaint. Then the person can apply for a PF advance (form 31). The reason for a breakthrough can be indicated as the pandemic epidemic (COVID-19). The person can enter the amount they need in advance, along with their address and a scanned copy of the bank check. Request for an Aadhaar OTP to verify. Fill in the OTP received on the registered mobile number. Submit the request.