Provident Fund Claim To Be Settled In 3 Days. Here is How To Apply Online
Retirement fund body, the Employees' Provident Fund Organisation (EPFO), has allowed its members to avail second non-refundable COVID-19 advance wherein the EPFO subscribers will be allowed withdraw up to 75 per cent of their contribution from the corpus or the sum of basic wages and dearness allowance for a period of three months to ease the burden on its members in the wake of second wave of COVID-19 pandemic. "To support its subscribers during the second wave of COVID-19 pandemic, EPFO has now allowed its members to avail second non-refundable COVID-19 advance," Ministry of Labour & Employment said in a press release.
In wake of the second wave of COVID-19 pandemic wherein 'mucormycosis' or black fungus was declared an epidemic, EPFO decided to lend a helping hand to its members by meeting their financial needs.
Members who have already availed the first COVID-19 advance can now opt for a second advance also, the retirement body said.
"Considering urgent need of members for financial support in these trying times, it has been decided to accord top priority to COVID-19 claims. EPFO is committed to settle these claims within three days of their receipt," EPFO added.
Here is how to claim you provident fund withdrawal online:
The user is required to log in to the EPF scheme's member portal - unifiedportal-mem.epfindia.gov.in. This is to apply for either 75 per cent of the non-refundable advance component of an EPF account or three months of wages and dearness allowance, whichever is less.
Once logged in, the member has to select the claim form 31 under the online services section of the website. In the next step, the user is prompted to verify the last four digits of savings bank account number linked with the PF account and click on "proceed".
The EPF subscriber is redirected to a withdrawal form. On the next page, the member selects the "PF Advance" form (Form 31) from the dropdown next to the text "I want to apply for".
The user, then has to select, the purpose for withdrawal. The portal has introduced a new option, called "outbreak of pandemic (Covid-19)", in the dropdown menu.
The subscriber is asked to provide a scanned copy of a cheque clearly showing the IFSC code and the account number.
The member submits the request by verifying the Aadhaar number through an OTP- or One Time Passcode-based method.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
