The new EPFO circular outlines the treatment conditions under which it will be given and defines the ambit within which the medical advance falls. Covid-19 related treatments has recently been included in the list.
Amendment in rules has been notified by the government for coronavirus related need for withdrawal of money from EPF accounts. An EPF member can withdraw up to 75 percent of EPF account balance or three months’ basic wages or the amount that person actually needs, whichever is lower, according to the amended rules.
If you withdraw, you will completely lose out on future interest
The entire KYC process must be completed before applying for PF withdrawal.
The process of online submission of claims for availing PF withdrawal benefits (Form-19), Pension (Form 10C) and PF Part Withdrawals (Form 31) does away with the employer’s intervention in the process.
Over 5 crore members of EPFO will have to wait for a few months to be able to use the online PF withdrawal facility as the retirement fund body wants the system to be "fool proof".