October 29, 2020

Know the process for withdrawing advance from your PF Account

Due to the Corona virus pandemic, the central government allowed the withdrawal of advance amount from the Employees Provident Fund i.e. EPF.  However, the government gave the exemption only for a certain period of time i.e. period  during lockdown and thereafter to alleviate the trouble of the people who were facing financial crisis or cash shortage during the period. All employees coming under the purview of EPFO ​​could have been avail it after the rules were relaxed by the Central Government.

According to EPFO, 38,71,664 people have withdrawn Rs 44,054,72 crore from the Employees Provident Fund since the last week of March. Labor Minister Santosh Gangwar said the withdrawal also included claims related to Kovid 19. In Maharashtra alone, 7,24,986 employees withdrew about Rs 8,968.45 crore from March 25 to August 31.

The government has discontinued the exemption to withdraw the amount from the PF account after September 1. You will not be able to withdraw money under this scheme, but employees still have the option to withdraw fund from their PF account. Find the process of withdrawing advance from EPF Account as under;

  1. To withdraw money from Employees Provident Fund, first log on to the official website of EPFO. Now log in using your UAN and password. Remember your PF account must be linked to Aadhar.
  2. Login to this portal, click on Online Service and select Claim (Form 31, 19 & 10C).
  3. In the next step, fill details of your bank account and click on Verify. Then click Yes. Now click on Proceed for online claim 4. Select PF Advance (Form 31) to withdraw funds online. Now you have to state why you want to withdraw this amount. Show the reason and fill in the employee address.
  4. Attached a set of scanned copy of the documents to justify the stated reason for withdrawal & Submit. You also need to get approval from your employer or company to withdraw fund from an EPF account.
  5. After this your money will be deposited in your registered bank account. You will get a message on the registered mobile number as soon as amount deposited in the bank. It will take a certain amount of time to transfer money to the bank account.

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