To fight the corona epidemic, the government has given the facility to the employed people to take EFP Covid Advance. Now there is another relief news for 6 crore EPF subscribers.
PF Covid Advance: To fight the corona epidemic, the government has given the facility to the employed people to take EFP Covid Advance. Now there is another relief news for 6 crore EPF subscribers. This can be taken advantage of even when someone has lost his job.
Covid advance will be available even after job loss
The Employees’ Provident Fund Organization (EPFO) has given permission to take advantage of Covid Advance even after the member leaves the job. According to this relief given by EPFO, if a member has lost his job, and he is still looking for a job, then during this time he can withdraw some part of PF fund as Covid Advance. This money member will not even need to return the PF account.
Will get this amount
The EPFO has specific PF advance rules, forms and procedures for availing such advances, including COVID-19. The employee can withdraw PF for 3 months up to the amount of basic salary and dearness allowance or up to 75 percent of the member’s deposit in the EPF account, whichever is less. PF balance includes the contribution of both the employee and the company. Interest received on his contribution is also included in this.
How will the application
To apply for PF advance, the employee can do this work by logging on to the website of EPF India, as well as applying through the portal from his phone. Most importantly, even if you have taken PF advance earlier for medical or any other needs, you can still take this advance. EPFO has said that any advance received under the EPF scheme is not subject to income tax.
KYC update required
However, if one is still not able to take PF advance, then it can be a matter of KYC update along with many other issues. This means that the KYC of your account may not be updated, due to which your advance is getting stuck. If you are applying for PF advance online then it can be done only, but for this your UAN, Aadhaar must be linked and bank account KYC and mobile number should be linked with UAN. If this is not done, then you will have to update your KYC by submitting your KYC on the member portal.
