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the EPFO, if someone has lost his job and is yet to join any other company, then some part of the PF fund can still be withdrawn as COVID Advance facility.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.
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