Retirement fund body EPFO has allowed its over five crore subscribers to avail the second COVID-19 advance in view of the second wave of the coronavirus infections in the country.
The members were allowed to withdraw three months basic wages (basic pay + dearness allowance) or up to 75 percent of amount standing to their credit in their provident fund account, whichever is less.
Here's how to withdraw from EPFO acount
-EPFO allows subscribers to withdraw non-refundable advance in certain cases like illness, buying a house etc.
-Now, individuals can withdraw money from their PF account, citing COVID-19 pandemic as a reason.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
-The EPFO will also settle COVID-19 claims within three days.
-To process the claims faster, the retirement body has deployed auto-claim settlement process for those who complete KYC documents.
-Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days.
-Members who have already availed the first COVID-19 advance can now opt for a second advance also.
-The provision and process for withdrawal of second COVID-19 advance is same as in the case of first advance.
-Broadly, the withdrawal of EPF can be made either by:
For this, one can download the new composite claim (Aadhaar)/composite claim form (Non-Aadhaar) from EPFO website.
-The new composite claim form (Aadhaar) can be filled and submitted to the respective jurisdictional EPFO office without the attestation of the employer whereas, the new composite claim form (Non-Aadhaar) shall be filled and submitted with the attestation of the employer to the respective jurisdictional EPFO office. One may also note that in case of partial withdrawal of EPF amount by an employee for various circumstances, very recently, the requirement to furnish various certificates has been alleviated and the option of self-certification has been introduced for the EPF subscribers.
Submission of an online application for EPF Withdrawal
-The EPFO has very recently come up with the online facility of withdrawal, which has made the entire process more comfortable and less time-consuming.
To apply for the withdrawal of EPF online through the EPF portal, make sure that the following conditions are met:
-Go to the UAN portal by clicking here.
-Log in with your UAN and password and enter the captcha.
-Then, click on the tab ‘Manage’ and select KYC to check whether your KYC details such as Aadhaar, PAN and the bank details are correct and verified or not.
-After the KYC details are verified, go to the tab ‘Online Services’ and select the option ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
-The ‘Claim’ screen will display the member details, KYC details and other service details. Enter the last four digits of your bank account and click on ‘Verify’.
-Click on ‘Yes’ to sign the certificate of the undertaking and then proceed.
-Now, click on ‘Proceed for Online claim’.
-In the claim form, select the claim you require, i.e. full EPF settlement, EPF part withdrawal (loan/advance) or pension withdrawal, under the tab ‘I Want To Apply For’. If the member is not eligible for any of the services like PF withdrawal or pension withdrawal, due to the service criteria, then that option will not be shown in the drop-down menu.
-Then, select ‘PF Advance (Form 31)’ to withdraw your fund. Further, provide the purpose of such advance, the amount required and the employee’s address.
-Click on the certificate and submit your application. You may be asked to submit scanned documents for the purpose you have filled the form. The employer will have to approve the withdrawal request and then only you will receive money in your bank account. It usually takes 15-20 days to get the money credited to the bank account.