PF Withdrawal: EPF Members can now avail Second COVID-19 Advance to meet financial needs during Covid Pandemic.
New Delhi: Employee Provident Fund (EPF) members seeking to know the PF Withdrawal rules and process have several key updates from Employees’ Provident Fund Organization (EPFO). These crucial updates regarding PF withdrawal can help you in the time of Covid-19 pandemic. Keeping in view the hardships faced by salaried class employees and workers, these facilities have been offered by the central government
PF Withdrawal facilities are –
- EPF Members can now avail Second COVID-19 Advance to meet financial needs during Covid Pandemic.
- EPF Members can now avail COVID Advance Facility even after leaving service.
- EPF EDLI scheme.
- EPF Members can now avail Non-Refundable Advance in case of Unemployment.
- ESIC Covid-19 relief scheme.
PF Withdrawal – 5 Big Updates
- EPF Members can now avail Second COVID-19 Advance to meet financial needs during Pandemic. The EPFO has made an anouncement that member can also withdraw second Covid-19 advance amount. PF members can withdraw 75 per cent of the balance in their EPF accounts or 3 months of basic wages plus Dearness Allowance (DA). Earlier in March last year, under the Pradhan Mantri Garib Kalyan Yojana (PMGKY
- EPFO had a PF withdrawal of non-refundable advance for members to mitigate Covid-19 financial emergencies.
- EPF Members can now avail COVID Advance Facility even after leaving service. An EPF member can avail “Covid advance facility” even after leaving service if final EPF withdrawal has not been made.
- EPF EDLI scheme: EPFO in its notification stated that a PF account holder dies due to any reason including Covid-19 his or her family will receive a maximum amount of Rs 7 lakh as part of Employee’s Deposit Linked Insurance (EDLI) Scheme. The maximum threshold was earlier fixed at Rs 6 lakh. It has been increased to Rs 7 lakh. The minimum amount threshold has been kept at Rs 2.5 lakh.
- EPF Members can now avail Non-Refundable Advance in case of Unemployment. Members who are no longer employed for one month or more can avail a non-refundable advance of up to 75 per cent of amount available in their PF account. This facility will financially help PF members during unemployment and will also enable them to continue their pension membership, as their EPF accounts are not closed.
- ESIC Covid-19 relief scheme – Labour Ministry announced major social security relief to dependents of workers passing away due to COVID-19, to support the families of Insured Persons (IP) under the ESIC scheme. There are two benefits – Compensation of loss of wages of a worker due to Covid-19, and Paymemt of expenses on last rites of deceased worker.