EPFO: EPFO has changed the rules for withdrawing advance from EPF. The Employees’ Provident Fund Organization (EPFO) has announced that it has decided to stop the Covid-19 advance with immediate effect
EPFO: EPFO has changed the rules for withdrawing advance from EPF. The Employees’ Provident Fund Organization (EPFO) has announced that it has decided to stop the Covid-19 advance with immediate effect. During the Covid-19 pandemic, EPF members were given a non-refundable advance at the time of the outbreak of the first wave of Covid-19 and another advance was also allowed in view of the second wave from 31 May 2021.
EPFO – No longer Covid-19 pandemic
According to the EPFO circular dated June 12, 2024, Covid-19 is no longer a pandemic. The authorities have decided to stop this advance with immediate effect. This exemption will also apply to trusts and all the trusts have also been informed about it.
Till now advance was available for Covid-19
The provision of withdrawal of money from EPF accounts under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) was first announced in March 2020. In June 2021, the Ministry of Labor announced that EPF members could avail non-refundable advance from their EPF accounts to meet financial emergencies related to coronavirus. Earlier, only one-time advance was available for EPF members. According to the EPFO circular of June 12, 2024, since Covid-19 is no longer a pandemic.
Rules for withdrawing money from EPF account
EPFO can withdraw its members up to three months of basic salary and dearness allowance or 75% of the amount available in the EPF account. EPF members can withdraw whatever is less in this. However, members can also apply for a lower amount. Advance can be claimed for buying a house, repaying home loan, marriage and education.
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