PF Covid Advance: The Employee Provident Fund Organisation (EPFO) makes it possible for person members to avail Covid Advance Facility even right after leaving service. In case one has lost one’s job and is but to join an additional employer, some portion of PF funds may perhaps nonetheless be withdrawn as a Covid Advance Facility. Being an advance, the employee want not have to place the funds back into the provident fund (PF) account.
The EPFO has particular PF advance guidelines, type and the course of action to avail such an advance, which includes that for COVID-19.
The employee is permitted to make PF withdrawal of up to the quantity of fundamental wages and dearness allowance for 3 months or up to 75 per cent of the quantity standing to the member’s credit in the EPF account, whichever is much less. The PF balance contains employee contributions and the share of the employer, which includes the interest earned on their contributions.
To apply for PF advance, an employee can log on to the EPF India internet site or even access the Unified Portal from one’s phone.
Importantly, even if you have availed a PF advance earlier for healthcare or any other eligible demands, you can go in for this advance. Also, EPFO has stated that earnings tax is not applicable on any advance availed below the EPF Scheme.
However, if one is nonetheless not in a position to get PF advance, there could be difficulties associated to the employee’s KYC amongst other difficulties. Your KYC may perhaps not be total in your EPF account due which you may perhaps not be in a position to total the PF advance course of action.
If you are attempting to file the claim for PF advance on-line, then it can be completed only if your UAN is validated with Aadhaar and KYC of Bank account and Mobile quantity is seeded in UAN. If not completed, you will want to total your KYC by submitting the identical on Member Portal. For submitting your claim on-line your Aadhaar linked mobile will get OTP. So your Aadhaar should really be linked with a mobile.
If your fundamental information such as name, date of birth and gender against UAN are identical as that in Aadhaar, you can hyperlink your Aadhaar by means of eKYC Portal. If you are obtaining it challenging to total KYC, you may perhaps strategy EPF to lodge the grievance.