Financial News

EPF members can now get Covid Advance Facility after job loss – Check details

Products You May Like

Covid PF Advance, maximum limit, how much, how to apply, online, epfo forms,To use for PF advance, an worker can go online to the EPF India web site and even entry the Unified Portal from one’s cellphone.

PF Covid Advance: The Worker Provident Fund Organisation (EPFO) permits particular person members to avail Covid Advance Facility even after leaving service. In case one has misplaced one’s job and is but to hitch one other employer, some portion of PF funds should still be withdrawn as a Covid Advance Facility. Being an advance, the worker needn’t must put the cash again into the provident fund (PF) account.

The EPFO has particular PF advance guidelines, kind and the method to avail such an advance, together with that for COVID-19.

Associated Information

The worker is permitted to make PF withdrawal of as much as the quantity of fundamental wages and dearness allowance for 3 months or as much as 75 per cent of the quantity standing to the member’s credit score within the EPF account, whichever is much less. The PF steadiness consists of worker contributions and the share of the employer, together with the curiosity earned on their contributions.

To use for PF advance, an worker can go online to the EPF India web site and even entry the Unified Portal from one’s cellphone.

Importantly, even when you have availed a PF advance earlier for medical or every other eligible wants, you’ll be able to go in for this advance. Additionally, EPFO has said that revenue tax will not be relevant on any advance availed underneath the EPF Scheme.

Nevertheless, if one continues to be not in a position to get PF advance, there could possibly be points associated to the worker’s KYC amongst different points. Your KYC will not be full in your EPF account due which you will not have the ability to full the PF advance course of.

In case you are making an attempt to file the declare for PF advance on-line, then it may be executed provided that your UAN is validated with Aadhaar and KYC of Checking account and Cellular quantity is seeded in UAN. If not executed, you’ll need to finish your KYC by submitting the identical on Member Portal. For submitting your declare on-line your Aadhaar linked cellular will get OTP. So your Aadhaar ought to be linked with a cellular.

In case your fundamental particulars corresponding to title, date of start and gender towards UAN are similar as that in Aadhaar, you’ll be able to hyperlink your Aadhaar by means of eKYC Portal. In case you are discovering it troublesome to finish KYC, it’s possible you’ll strategy EPF to lodge the grievance.

Get dwell Stock Prices from BSE, NSE, US Market and newest NAV, portfolio of Mutual Funds, Try newest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and observe us on Twitter.

Monetary Specific is now on Telegram. Click here to join our channel and keep up to date with the most recent Biz information and updates.

Products You May Like