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The government has notified the amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. The government had allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandemic.

According to the amended rules, Under the provision, a member of the Employees’ Provident Fund Organisation (EPFO) can withdraw up to 75% of his/her provident fund balance or three months’ basic wages plus dearness allowance, whichever is lower.

Such withdrawals are generally processed within three days of receipt of claims. The government has made such withdrawals tax-free in the hands of employees.The EPF balance can also be fully withdrawn after two months of unemployment.

Withdraw of Fund from EPF account related to COVID

Step by Step Process

  • Step 1: Go to EPFO Members portal Here to access the Member e-Sewa portal.
  • Step 2: Enter your UAN, password, and captcha code correctly to access your account. In case the password not remembered, use the option of Forget Password.
  • Step 3: Select Claim from the Online Services menu (Form -31, 19,10C and 10D).
  • Step 4: A new webpage with all of your information. You needs to enter your bank account number on the website. In the required field, type your bank account number and click Verify. On your screen, you'll see a pop-up asking you to provide a 'Certificate of undertaking.'
  • Step 5: After you've validated your bank account number, click 'Proceed for'.
  • Step 6: Select 'PF advance (Form 31)' from the drop-down menu.
  • Step 7: From the drop-down menu, choose 'Outbreak of pandemic (COVID-19)' as the reason for your withdrawal.
  • Step 8: Enter the required amount, as well as the scanned copy of the cheque and your address.
  • Step 9: An OTP will be delivered to the mobile number associated with your Aadhaar account.
  • Step 10: Enter the OTP that you received via SMS.
 

Kindly note that:

  • Universal Account Number (UAN) must be activated.
  • Aadhaar number should be verified and linked with UAN
 

In case of any other queries and details, the EPFO members can login to the official website of EPFO at epfindia.gov.in.

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.


    

Published by

CS Lalit Rajput
(Company Secretary)
Category Corporate Law   Report

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