The government has notified the amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. The government had allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandemic.
According to the amended rules, Under the provision, a member of the Employees’ Provident Fund Organisation (EPFO) can withdraw up to 75% of his/her provident fund balance or three months’ basic wages plus dearness allowance, whichever is lower.
Such withdrawals are generally processed within three days of receipt of claims. The government has made such withdrawals tax-free in the hands of employees. The EPF balance can also be fully withdrawn after two months of unemployment.
1) Universal Account Number (UAN) must be activated.
2) Aadhaar number should be verified and linked with UAN
In case of any other queries and details, the EPFO members can login to the official website of EPFO at epfindia.gov.in.
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