Employees can withdraw money from their PF account whenever they want, but it often takes a long time to withdraw the advance. But now this will not be the case, as EPFO has launched claim solution and now claims will be settled automatically with the help of IT system without any human intervention.
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If you are in any trouble and need money immediately, you can withdraw the money saved in PF i.e. Provident Fund (PF Auto Mode Settlement). This amount is deducted from your income.
One lakh will be received in just three days
The process of settlement through auto mode was started in the year 2020 during Corona. But then only money could be withdrawn due to illness. But now money can also be withdrawn for education, marriage and buying a house. In case of marriage, advance fund can be withdrawn even if sister or brother is married. EPFO has increased the claim settlement amount through auto mode from Rs 50,000 to Rs 1 lakh. But some conditions have also been imposed for withdrawing this fund.
➡️44.56 Lakh members of EPFO have taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 11,528 crore under #PradhanMantriGaribKalyanPackage .
(3/5)#ReformsAndGrowth #IndiaFightsCorona #Unite2FightCorona pic.twitter.com/3E3JXR2dei— Ministry of Finance (@FinMinIndia) December 10, 2020
What are the terms and conditions?
•If you want to claim EPFO advance due to illness, there is no limit fixed.
• As a rule, if you fall sick, you can deduct six months of basic salary and DA or interest on employee contributions, whichever is less.
• To claim advance for medical expenses you need to submit certificate issued by doctor or company.
• To claim an advance for house purchase or wedding expenses, you must have been an EPFO member for at least seven years.
• If you claim an advance of both, you can claim an amount of 50 percent of the interest earned on the accumulated amount.
• You can claim the money withdrawn for marriage expenses for self-declaration.
• Advance can be claimed from EPF for house purchase and renovation.
• You must be an EPF member for at least five years to claim an advance for home purchase.
• For house purchase, you can claim 24 months of basic salary with basic salary and DA and for renovation, you can claim 36 months of basic salary and DA.
What is the advance claim procedure?
• For EPFO withdrawal you have to submit form 31 through online.
• For this you need to login to EPFO portal. It requires UAN and password.
• Select the claim section in online services, then you need to state the reason for which you want to withdraw the money.
• After verifying the bank account, a copy of the check or bank account passbook has to be uploaded.
Also read this:
• Major change in PF rules; EPFO withdrawal rules have changed, Rs 1 lakh can be withdrawn
• Pension Department: Modi government’s big gift to pensioners! New online portal launched.
• Save only 250 rupees per day and get 24 lakh rupees; Government scheme to make millionaires
