PF Advance Withdrawal for COVID-19: Are you running out of cash amid Coornavirus crisis and want to withdraw from Provident Fund account?
EPF Withdrawal for COVID-19 Online: Are you running out of cash amid Coornavirus crisis and want to withdraw from Provident Fund account? It is possible now but there are few facts you should know before going for withdrawal. First, you can take out up to 75 per cent of the amount standing to your credit in the account, or three months of Basic+DA, whichever is lower. Second, the application can be made online through EPFO portal. Third, the application for COVID-19 claim is allowed even if any other advance is pending. Fourth, PF advance for COVID-19 can be claimed only once.
The following illustration will show how much amount you can withdraw from the account:
Suppose you have Rs 2 lakh in PF account and your monthly Basic+Da is Rs 30,000.
The 75% of Rs 2 lakh is Rs 1.5 lakh, while the three months of Basic and DA will be Rs 30,000×3 = Rs 90,000. Hence, in this case, you will be able to withdraw Rs 90,000 for COVID-19 pandemic.
What if monthly Basic+ DA is Rs 40,000?
In this case, the three month Basic+ DA will be Rs 40,000 x 3 = Rs 1,20,000, which is lower than Rs 1.5 lakh. hence, you can withdraw Rs 1,20,000.
What if monthly Basic+ DA is Rs 55,000?
In this case, the three month Basic+ DA will be Rs 55,000 x 3 = Rs 1,65,000, which is more than Rs 1.5 lakh. Hence, you can withdraw Rs 1,50,000.
How to claim PF advance for COVID-19?
a. Login to Member Interface of Unified Portal
b. Go to Online Services>>Claim (Form-31,19,10C & 10D)
c. Enter your Bank Account and verify
d. Click on “Proceed for Online Claim”
e. Select PF Advance (Form 31) from the drop down
f. Select purpose as “Outbreak of pandemic (COVID-19)” from the drop down
g. Enter amount required and Upload scanned copy of cheque and enter your address
h. Click on “Get Aadhaar OTP”
i. Enter the OTP received on Aadhaar linked mobile.
j. Claim is submitted.