The retirement fund EPFO has allowed its more than five crore subscribers to experience a second development of COVID-19 due to the second wave of coronavirus infections in the country.
Members are allowed to deduct a three-month basic salary (basic payment allowance) or 75 percent of the amount represented on their debt in their provident fund account, whichever is less.
Here’s how to withdraw from an EPFO account
-IPFO allows subscribers to withdraw unpaid refunds in certain circumstances such as illness, home purchase etc.
-Now, individuals can withdraw money from their PF account, citing the COVID-19 epidemic as a reason.
-EPFO will also resolve COVID-19 claims within three days.
-In order to expedite claims, the retirement organization has used a claim resolution process for those who fill out KYC documents.
-Auto-mode of settlement enables EPFO to reduce the claim payment cycle to just 3 days compared to the legal requirement for resolving claims within 20 days.
-Members who have already used the first upgrade of COVID-19 can now opt for the second upgrade again.
-The provision and process of withdrawal of COVID-19 in advance is the same as in advance.
-Othermore, EPF withdrawals can be made either:
Submission of body request for withdrawal
Application submission online
Submission of body request
For this, one can download a new claim form (Aadhaar) / a compiled claim form (Non-Aadhaar) from the EPFO website.
-A new claim form (Aadhaar) can be completed and submitted to the relevant EPFO office without the employer’s proof and a new claim form (Non-Aadhaar) will be completed and submitted with the employer’s evidence to the relevant EPFO office. One can also note that in the event that a limited number of EPFs are issued by an employee in a variety of circumstances, more recently, the requirement to issue various certificates has been reduced and the authentication option has introduced EPF subscribers.
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Submission of an online application for EPF withdrawal
-EPFO has recently come up with an online dating center, which has made the whole process fun and less time consuming.
To apply for an EPF online withdrawal via the EPF portal, be sure to meet the following conditions:
The UAN (Total Account Number) is active, and the mobile number used to activate the UAN is in active mode.
The UAN is linked to your KYC, namely Aadhaar, PAN and bank details and IFSC code.
Steps to applying for EPF withdrawal online:
-Go to the UAN website by clicking here.
-Sign in with your UAN and password and enter a captcha.
-Then click on the ‘Manage’ tab and select KYC to check whether your KYC details such as Aadhaar, PAN and bank details are correct and verified or not.
-Once the KYC details are verified, go to the ‘Online Services’ tab and select the ‘Claim (Form 31, 19 & 10C)’ option from the drop-down menu.
The ‘Claim’ screen will display member details, KYC details and other service details. Enter the last four digits of your bank account and click on ‘Verify’.
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-Click ‘Yes’ to sign the promise certificate and proceed.
-Now, click on ‘Proceed for Online claim’.
-In the claim form, select the claim you need, eg full payment of EPF, partial withdrawal of EPF (borrowing / advance payment) or pension withdrawal, under the ‘I Want to Apply’ tab. If a member does not qualify for any services such as PF withdrawal or pension withdrawal, as a result of the service process, that option will not be displayed in the drop-down menu.
-Then, select ‘FF Advance (Form 31)’ to remove your wallet. In addition, provide the purpose of the advance, the required amount and the employee’s address.
-Click the certificate and submit your request. You may be required to submit scanned documents for the purpose of completing the form. The employer will have to approve the withdrawal request and only you will receive the money in your bank account. It usually takes 15-20 days to receive the money deposited in the bank account.
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