EPFO: EPFO has changed the rules for withdrawing advance from EPF. The Employees’ Provident Fund Organization (EPFO) has announced that it has decided to stop the COVID-19 advance with immediate effect
EPFO has changed the rules for withdrawing advance from EPF. The Employees Provident Fund Organization (EPFO) has announced that it has decided to stop the COVID-19 advance with immediate effect. During the COVID-19 pandemic, EPF members were given a non-refundable advance at the time of the outbreak of the first wave of COVID-19 and another advance was also allowed from May 31, 2021 in view of the second wave.
EPFO – Covid-19 pandemic is no more
As per the EPFO circular dated June 12, 2024, COVID-19 is no longer a pandemic. The authorities have decided to stop this advance with immediate effect. This exemption will also apply to trusts and all the trusts have been informed about it.
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Till now advance was given for COVID-19
The provision for withdrawal of money from EPF accounts under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) was first announced in March 2020. In June 2021, the Ministry of Labour announced that EPF members could avail a non-refundable advance from their EPF accounts to meet financial emergencies related to coronavirus. Earlier, EPF members were only getting one-time advances. As per the EPFO circular dated June 12, 2024, since COVID-19 is no longer a pandemic.
Rules for withdrawing money from EPF account
EPFO allows its members to withdraw up to three months’ basic salary and dearness allowance or 75% of the amount available in the EPF account. EPF members can withdraw whatever is less than this. However, members can also apply for a lower amount. Advance can be claimed for buying a house, repaying a home loan, marriage and education.
