Withdrawal for Covid-19, EPF advance processing time, EPF advance how many times? How Much Can You Withdraw From Your EPF?
Employees Provident Fund Organization (EPFO) has facilitated its PF members to take non-refundable advance money from their PF balances in order to meet the financial emergencies caused due to the outbreak of the Pandemic (Covid-19).
As per the latest EPFO ruling, a member of the Employees’ Provident Fund Organisation (EPFO) can withdraw up to 75% of his/her provident fund corpus or 3 months basic wages plus dearness allowance, whichever is lower.
Suppose, your PF balance is Rs. 2 Lacs, and your 3 months’ basic pay and dearness allowance add up to ₹60,000, then you can withdraw up to ₹60,000.
When any PF member applies online, ongoing to PF Member Portal, for such type of withdrawals, generally, it takes 72 Hrs. processing time from the date of receipt of the claim.
As this type of withdrawals is specially implemented by the government for giving relief to PF members due to covid-related stress, the government has made such withdrawals tax-free in the hands of employees.
Moreover, apart from COVID-19, the EPFO has also allowed taxpayers to withdraw partially PF balance in advance for specific purposes such as buying a house, child’s education, marriage, etc. These withdrawals are generally allowed after five years’ service and are hence tax-free.
The EPF balance can also be fully withdrawn after two months of unemployment.
HOW TO WITHDRAW PF AMOUNT In COVID-19
In order to withdraw money from the PF balance due to Covid-19, the PF member should have activated their Universal Account Number (UAN). KYC should be approved by the employer i.e. Aadhar number, PAN details, and bank details, etc.
EPFO does not require any certificate or documents for claiming this amount. However, a scanned copy of the cheque should be kept ready to upload while applying for withdrawal online. Withdrawals due to the coronavirus pandemic can only be availed only single time.
WITHDRAWAL EPF ONLINE FOR COVID-19
- . log in to the Member Portal:Visit the EPFO E-Sewa Member Portal and log in with your UAN and then enter the Captcha code. In case, you have forgotten your password, you can reset the same by getting OTP on your registered Mobile.
2. VISIT ONLINE CLAIM SECTION:
After entering into the webpage Online Claim Section, go to the online Services and you will see that there are different types of Claim Forms(Form 31, 19, 10C, 10-D) against which you can apply, as per required category such as –
1. Form 31 is used for withdrawing funds partially such as education, renovation, repair of the house, marriage, illness, and outbreak of the Pandemic (Covid-19).
Also Read: EPF money advance before leaving the JOB
2. Form 19 is used for withdrawing funds (Employee share @12% + Employer Share @ 3.67%), after 60 days from the date of leaving the job.
3. Form 10-C is used for Employer share @8.33% but before 9 Years and 5 Months OR Pension Scheme Certificate.
4. Form 10-D is used for claiming Pension.
3. Enter Bank Account details:
Once the section opens, you will be required to enter the correct bank account number(seeded with UAN), as a verification process.
4. Confirm terms and conditions:
Once you have verified your details, you would need to confirm the terms and conditions as stated by EPFO. You can then click on the proceeds for an online claim.
5. Select reason for Withdrawal:
You will find a dropdown menu from which you would need to choose the reason for You will only be shown the option for which you are eligible.
6. Enter details and upload documents
When you select the reason outbreak of the Pandemic [(Covid-19) ], for withdrawal, you would need to enter your complete address and upload your cheque/passbook details, if you have chosen an option for an advance claim.
7. Get Aadhar OTP:
Once you have confirmed your details and accepted the terms and conditions, you would need to request an OTP which will be sent on your registered mobile. Upon entering the OTP, your claim application will be submitted.
Once you have submitted your claim, you can track the status of your claim by logging into your Member e-Sewa account under track claim status.
The EPFO officials will match your data in their records with the data submitted in your online claim form.
On completing verification, they will process your claim application and the amount will be credited to the bank account linked with the UAN and you can check your PF balance also to confirm the transaction.
How can we draw money for illness in advance?
As per advance money for illness, advance can be withdrawn for the cure of illness/medical purpose only a single time. No document is required, for uploading at the site.
An employee can withdraw up to 6 months of his basic salary and DA or his/her entire contribution whichever is lower. There is no locking period or minimum service limit prescribed by the Govt of India for such type of withdrawal.
How many days PF advance withdrawal Processing time in Covid-19?
Generally, it takes 72 Hrs. from the date of lodging the claim, if the KYC details are approved.