Employee Provident Fund is also known as Provident Fund (PF). This is a government-backed scheme, in which deduction is mandatory for salaried employees. Now you can easily withdraw your money sitting at home.
Employee Provident Fund is also known as Provident Fund (PF). This is a government scheme, in which deduction is mandatory for salaried employees. In this scheme, both the employee and the employer have to contribute the basic 10 percent of the salary of the employee every month. At the same time, it is 12 percent for private institutions.Also Read:IRCTC will conduct Bharat Darshan, with roaming in these six places, you will get the facility to stay and eat for free
Employees and employers contribute to EPFO every month . By the way, the money deposited in the EPF account or its part can be withdrawn by the employee after retirement or leaving the job. But at this time due to the Corona epidemic, people need money and in view of the troubled times for the employees, EPFO had approved to withdraw a part of the amount.Also Read:Ticket to London: You will be shocked to hear the price of London air tickets! DGCA in Action
In view of the coronavirus pandemic, the government had introduced a new scheme for immediate need of money in times of trouble. Under this, you can withdraw 3 months (Basic Salary + DA) or up to 75 percent of the total amount as advance PF balance from the EPF account. At the same time, EPFO had issued a circular on June 1, 2021, stating that up to Rs 1 lakh can be withdrawn as medical advance. Apart from corona virus, money can be withdrawn from PF even if you are admitted to the hospital in case of emergency.Also Read: Bad News! Now 18% GST will be levied on gifts and cashback vouchers, see the new rule
This is different from Medical Advance Service:
Let us tell you that earlier also PF money could be withdrawn from EPF in case of medical emergency . But it was available after depositing the medical bill. But under the new service introduced by the government, you do not need to submit any bill. All you have to do is apply and the money will be transferred to your account.Also Read:Gold price today: Gold became cheaper by Rs 1700 in 2 days, check what is the price of 10 grams today?
To withdraw money from EPFO, you have to follow this process:
>> First of all you have to go to https://unifiedportalmem.epfindia.gov.in/memberinterface. Then you have to login by entering your UAN number and password.
>> After this, KYC has to be completed by going to the Manage tab.
>> After verifying KYC, go to online services and select ‘Claim (Form-31, 19 & 10C)’.
>> After this the claim screen will come. Other services including KYC, member details will be available here.
>> Here you have to enter the last 4 digits of your bank account. Then click on YES. This certificate is required for signing.
>> After signing the certificate you have to go to Proceed for Online Claim. Then click on Proceed for Online Claim.
>> After this you have to select Medical emergency from the drop-down menu.
>> Here you have to enter the amount, upload the scanned copy of the check and enter your address.
>> Then click on Get Aadhaar OTP.
>> After this an OTP will come on your registered number. Enter it. Then submit the claim.
>> Under medical emergency, a person can get a claim of up to 1 lakh in 1 hour.