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Sunday, January 23, 2022

EPFO gave big relief to 6 crore people, this special facility will be available even after job loss

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EFPO: Under this, individuals can withdraw 75 percent of the amount deposited in the PF account or an amount equal to three months’ salary (basic and DA), whichever is less.

Employees Provident Fund Organization

Employees’ Provident Fund Organization (EPFO) has allowed individual members to take advantage of the COVID Advance Service even after leaving the job. According to the EPFO, if someone has lost his job and is yet to join any other company, then some part of the PF fund can still be withdrawn as COVID Advance facility. Being an advance, the employee is not required to put the money back in the Provident Fund (PF) account.

EPFO has specific PF advance rules, forms and procedures for availing such advances, including COVID-19. Under this, individuals can withdraw 75% of the amount deposited in the PF account or an amount equal to three months’ salary (basic and DA), whichever is less.

Income tax not applicable on advance

PF balance includes employee’s contribution and employer’s share, including interest earned on their contribution. To apply for PF Advance, an employee has to login to the EPF India website or the Unified Port from his phone. You can apply for this advance even if you have received PF advance earlier for medical or any other eligible needs. Also, EPFO ​​has said that income tax is not applicable on any advance received under the EPF scheme.

read this also- Big news for those who invest money in the pension scheme NPS, now you can withdraw Rs 5 lakh from the pension fund without taking a plan

read this also- Alert for crores of SBI customers! Tomorrow this service of SBI will not work for 2 hours, settle the work today

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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