Every PF subscriber can take Kovid Advance
According to EPFO, any PF subscriber can request for Kovid Advance. If someone has left a job but has not yet availed the benefits of withdrawing PF, it means he is still a member of EPF. In such a situation, he can take Kovid Advance. Many subscribers will benefit greatly from this big decision of EPFO.
For the second time, the government gave the facility of Kovid Advance?
In the midst of the second wave of the ongoing Corona epidemic in the country, the Employees’ Provident Fund Organization has allowed its subscribers to withdraw non-refundable Kovid Advance for the second time. In March last year, the government had given the facility of taking advance to EPF subscribers under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). Under this, subscribers could withdraw 75% of the amount deposited in their PF account or an amount equal to three months’ salary (basic and DA), whichever is less.
How much money can you withdraw
The Modi government had given a special facility to the EPF account holders after the lockdown due to the corona virus epidemic and seeing people struggling with cash crunch. Under this facility, people can withdraw a fixed amount from their PF account, so that they can meet their daily needs. The amount to be withdrawn from the EPF account cannot exceed the sum of the subscriber’s basic salary and dearness allowance for three months or three-fourths (75 per cent) of the total amount deposited in his account, whichever is less.
Who can take advantage
6 crore subscribers of EPFO can take advantage of this. Employees working in factories and various establishments covered under the EPF scheme are eligible to withdraw this amount. To this sub-para (3) of Para 68L of the EPF Scheme, 1952 has been added. The Revised Employees’ Provident Fund Fund (Amendment) Scheme, 2020 came into force from March 28 last year.
How to withdraw money
For this, first go to your UAN account through this link ( https://unifiedportal-mem.epfindia.gov.in/memberinterface/ ) and go to online services there and click on claim form. After this a page will open in front of you, in which the last four digits of your account will be asked. Proceed after filling all the details and click on PF Advance Form 31. After this you have to upload the scanned copy of the check or passbook. In the next step, you will get an OTP through Aadhaar number, after which you will get the money in a few days.
Do not make these mistakes, the form will be rejected!
If the details given by you do not match with the EPFO records, then your claim may get rejected. Below we are going to mention five major reasons, due to which most of the claims are rejected and you should take care of them to avoid claim rejections. Incorrect bank account details, incomplete KYC, wrong date of birth and non-linking of Aadhaar with UAN can lead to rejection of the claim.
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