Amid the second wave of the COVID-19 pandemic, the Employees' Provident Fund Organization (EPFO) has allowed its members to avail second non-refundable COVID-19 advance.
Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 percent of the amount standing to member's credit in the EPF account, whichever is less, is provided.
Members can apply for a lesser amount also.
Here are key things to know about withdrawing fund from EPFO account:
What kind of documents are required to make this 'advance'?
In order to apply for EPF withdrawal online, the subscriber must have an active Universal Account Number (UAN) and the mobile number used for activating the UAN number should be in working condition. The UAN should be Know Your Customer (KYC)-verified by furnishing information such as Aadhaar, Permanent Account Number (PAN) and bank details.
Where can subscribers put the claim?
The subscribers can put a claim for 'advance' withdrawal via EPFO's unified portal -- unifiedportal-mem.epfindia.gov.in. The claim is then forwarded to the employer for approval. Once approved, the amount is credited to the subscriber's account.
How many days does it take for the claim to be settled?
EPFO is committed to settling these claims within three days of their receipt. For this, EPFO has deployed a system-driven auto-claim settlement process in respect of all such members whose KYC requirements are complete in all respects.
Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days.
What are the steps to initiate an EPF claim online citing the COVID-19 pandemic as the reason?
Step 1: Login to the EPFO portal - unifiedportal-mem.epfindia.gov.in using UAN and password.
Step 2: Go to 'online services' and select 'claim' section.
Step 3: Verify the bank account number.
Step 4: Upload a scanned copy of a cheque or the passbook.
Step 5: You will be asked a reason for submitting the advance. Select 'outbreak of pandemic' as the reason.
Step 6: Generate an Aadhaar-based OTP. Once the claim is processed, it will be forwarded to the employer for approval.
(Edited by : Jomy Jos Pullokaran)