Introduction
What is Outbreak of Pandemic Covid-19 in PF Advance
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Employee Provident Fund Organization has introduced a new option in the advance withdrawal process to give support to the employees in the pandemic situation of the Corona effect and the new option is OUTBREAK OF PANDEMIC COVID – 19.
With this new option, EPF members can withdraw 75% of their employee PF contribution + employer contribution (or) 3 months of their basic wage + DA whichever is lesser.
Example: If an employee’s basic wage + DA per month is 10,000 Rs, then his total basic wage + DA for three months is 30,000 Rs. IF employee has 1,00,000 Rs in his PF account then 75% of 1,00,000 Rs is 75,000 Rs. Now the EPF member will get 30000 Rs as PF advance because it is less than 750000 Rs.
The amount which the employee gets as PF advance is nonrefundable, employees don’t need to pay it again.
Due to the lockout in India, there are so many companies that are not operating and some employers are unable to pay salaries to their employees on right time.
So in order to help such employees, EPFO has taken this decision. If your KYC like bank account number and aadhar number already linked to your UAN number then you can withdraw your PF advance amount by submitting PF form 31 online and choosing the reason as OUTBREAK OF PANDEMIC COVID-19.
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