Thursday, June 1, 2023
HomeBusinessProvident Fund Money Withdrawal in wake of COVID19; Know how to claim...

Provident Fund Money Withdrawal in wake of COVID19; Know how to claim and documents required

Published Date:

After the unprecedented financial crisis aroused last year, the central government allowed withdrawal of PF money. The salaried class can withdraw money from their respective provident fund for medical purposes in wake of the virus spread.

Employees’ Provident Fund Organization (EPFO) laid different norms on which the workers can withdraw money. They include medical emergency, construction or purchase of new house, renovation of house, repayment of home loan, and wedding purposes.

Withdrawal rules of Provident Fund

Meanwhile, the employees who require money from Provident Fund can withdraw it under medical conditions. It can relate to their spouse, parents, child or any family member.
Also, the employee can draw money for nearly six times his share or monthly salary along with interests (whichever happens to be less). The interest occurs from EPF FOR treatment of medical affairs as well as COVID 19.

As per the provisions stated a member of Employees’ Provident Fund Organization (EPFO) is allowed to withdraw about 75% of their Provident Fund balance. Or either they can even re estate their basic wages of three months and allowances. It will therefore be based comparatively on whichever’s low.

Generally, an EPF can be stated by an individual if he retires or is unemployed. As per the basic regulation, 75% of the EPF money can be debited after a month of unemployment. Remaining 25% can be obtained after two months of the unemployed status.

About EPF

Provident Fund is a government assured retirement savings scheme practiced in India and other developing nations. The employee here needs to save a portion of their salary for PFs and the employer equally requires contributing in the scheme. These are often incurred as taxes. Rules regarding withdrawal and minimum age limit are asserted by the Centre itself. It is regarded as a compulsion to a specific section of the society.
Required Documents for PF withdrawal
• The Employee must have access to Universal Account Number
• Bank Details must match with EPF number
• ID Proof

Also here is how you can file COVID claim via UMANG app

Step 1: Go to UMANG app

Step 2: Select EPFO

Step 3: Now, click on “Request for Advance (COVID-19

Step 4: Type your UAN details and click on ‘Get OTP’ to get one-time password. Use this OTP to login in your account.

Step 5: Enter the OTP and click on login. Once you are logged in you are required to enter the last four digits of your bank account and select the member ID from the drop-down menu. Click on “Proceed for claim”

Step 6: Enter your address. Click on ‘Next’.

Step 7: Upload the cheque image with your account number and name printed on it.

Once all the details are entered, your claim will be successfully filed.

ALSO READ: EPFO Keeps Interest Rate Unchanged At 8.5 For 2020-21


Fresh Stories

More like this

Ashok Gehlot lays foundation stone of reconstruction of New Rajasthan House in Delhi

New Delhi/Jaipur, 29 May. Chief Minister Shri Ashok Gehlot...

Bihar: CM Nitish Kumar to lay foundation stone for Simaria Dham development

Begusarai, May 29, 2023: In yet another boost to...

AICTE, SSUN organise workshop on ‘Implementation of NEP 2020 in Technical Education’

The All India Council for Technical Education (AICTE) and...

40 crocodiles kill Cambodian man after he tries to move one

A Cambodian man met a tragic fate on Friday...

New Parliament building inauguration: Centre to issue Rs 75 coin

On Thursday, the Union Government announced its plans to...

AICTE-EduSkills offers 1 lakh internships in 12 different domains

AICTE, in collaboration with EduSkills Foundation, aims to build...

Plea in SC seeks inauguration of new Parliament building by President

An advocate has filed a PIL with the Supreme...

Unlocking opportunities for smallholder farmers, National Conclave explores digital platforms

A National Conclave on Market Access for Smallholder Farmers,...

Bihar ranks third in best states in National Water Awards 2022

The state of Bihar has been ranked third in...

Fresh violence in Manipur: Houses set on fire in Imphal, army called in

Fresh incidents of violence were reported in Manipur on...

Market access for smallholder farmers: A national conclave to drive digital solutions

Grameen Foundation India, in collaboration with the Walmart Foundation,...

Rs 2000 currency notes withdrawal: Here’s how to deposit or exchange

As the Reserve Bank of India (RBI) has made...

Congress names Siddaramaiah as Karnataka CM, Shivakumar as deputy

The Congress on Thursday announced Siddaramaiah as the newly...

Global warming likely to breach 1.5C by 2027, warn scientists

The World Meteorological Organization has warned that there is...

Man arrested for smoking beedi on Bengaluru-bound Akasa Air flight

A man aged 56, who was onboard an Akasa...

Uttarakhand Sanskrit University registrar accused of corruption

A press conference was held at the Press Club...

National Atal Samman Ceremony held at Prime Minister’s Museum, honouring 18 dignitaries

On the occasion of the commemoration of the first...

TCS and Intellect in race for new GeM portal development tender

16th May, 2023 , Delhi: The Central Government had...

‘London plan is out’: Imran Khan claims Pakistan military plans to jail him for 10 years

Imran Khan, Pakistan's former Prime Minister, has made new...

Aryan Khan case: CBI FIR reveals ‘conspiracy’ to extort Rs 25 crore

The First Information Report (FIR) filed by the Central...