As per a notification issued by the labour ministry on 29 March 2020, amid the COVID-19 lockdown, subscribers of the Employee Provident Fund Organisation (EFPO) can now withdraw a portion of their retirement savings with immediate effect.
Subscribers can withdraw 75 per cent of their savings or up to a maximum of three months’ basic pay and dearness allowance from their PF account–whichever is lower. However do note that once a subscriber withdraws the amount, it cannot be replenished after the situation improves.
Things to note:
- Withdrawal requests are to be honoured within three days of the request being made.
- All PF withdrawal requests can now be submitted online at the official EPFO website here.
- Do note that only those subscribers who are KYC compliant and have linked their UAN (universal account number) with Aadhaar and bank account can make a request online.
How to make a withdrawal:
- Log in to the EPFO official website here
- Enter the portal using your UAN account through this link
- Click on ‘Online Services’ and then click on ‘Claim Form.’
- You will be redirected to a page, which will display all your details, including your bank details. You will need to validate the same by entering the last four digits of your bank account before proceeding
- Once done, you can continue to the online claim
- Click on ‘PF advance Form 31’ and then from the drop-down list of reasons you need to select ‘Outbreak of pandemic COVID-19.’
- You will have to upload a scanned copy of your bank passbook or chequebook to complete the process
Note: Only .JPG and .JPEG file of minimum 100 KB and maximum 500 KB size is supported, and the document should display the bank account number and IFSC and name of the account holder.
- The subscriber will then have to validate the request through an Aadhaar OTP
- Post the completion of all the steps, within three working days the money will get credited into the subscribers’ account.
(Edited by Gayatri Mishra)