There is great news for 6 crore EPFO members. Now on withdrawal from PF account, money will come in your account in 3 days. In view of Corona, the EPFO has allowed its subscriber to withdraw advance money from the Provident Fund. Under this, members have been allowed to withdraw three months’ basic salary (basic pay + dearness allowance) or up to 75 percent of the amount deposited in their provident fund account, whichever is less. The Labor Ministry said in a statement that to help its subscribers during the second wave of the COVID-19 pandemic, the EPFO has allowed its members to take the COVID-19 advance for the second time, which will be non-refundable.
To meet the financial need of members during Corona, the provision of special withdrawal under Pradhan Mantri Garib Kalyan Yojana (PMGKY) was made in March 2020. The Employees’ Provident Fund Organization (EPFO) early last year allowed its members to withdraw money to meet emergent needs due to the pandemic.
Just a few days ago, the retirement fund management body EPFO has allowed the second withdrawal of money from the PF account with the intention of providing relief to its more than five crore subscribers in view of the second wave of corona virus infection in the country.
online money withdrawal process
1- Login to EPFO.
2- Select the Claim (Form-31, 19 and 10C) option on the online service.
3- The details of the member will be displayed on the screen. Now you have to enter the last four digits of your account and then click on Verify.
4- After accepting the terms and conditions, click on Proceed Online Claim.
5- After this you have to select PF Advance (Form 31). Where you have to give your reason why you are withdrawing advance money.
6- After clarifying the reason, the amount and full address will be asked. After filling all the required information submit your form.
7- After filling everything, OTP will come on your registered mobile number. After filling the OTP, your claim will be submitted.
8- After the approval of the employer, the money will come in your account and you will be able to withdraw it easily.
The process has become much faster than before due to the retirement group auto claim settlement process. Those who have updated their KYC document on the EPFO website, the same money will be eligible for this. According to the Ministry of Labor, due to auto settlement, now claim settlement can be done within three days.
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