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Saturday, March 28, 2020

You can withdraw 75% of Employees Provident Fund in this pandemic Covid-19

 At a press conference on Thursday to unveil the ‘PM Garib Kalyan Package’ to help the poor face the novel coronavirus crisis, Finance Minister Nirmala Sitharaman announced, 

“Employees’ Provident Fund Regulations will be amended to include Pandemic as the reason to allow the non-refundable advance of 75 percent of the amount or three months of the wages, whichever is lower, from their accounts.” This decision will likely benefit families of four crore workers registered under the EPF, she said.
Currently, subscribers of the Employees’ Provident Fund Organisation (EPFO) can withdraw a non-refundable advance from their PF accounts under various terms and conditions, including for issues like illness, marriage, education, and purchase of a house, etc. Here, “non-refundable” means the subscriber doesn’t have to return the deposit after withdrawing the advance.
Further, in order to avail this benefit, the EPF subscriber can apply through Umang app  or by Member Portal 
Gazette Notification:- EPF Covid Gazzete Partial Withdrawal


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