Non-refundable EPF Withdrawal Process: The Employees' Provident Fund Organisation (EPFO) members must note that they can apply for non-refundable EPF advance for various purposes. The EPFO members can login to the official EPFO website at epfindia.gov.in to check further details.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

See Zee Business Live TV Streaming Below:

It must be noted that the Employee Provident Fund (EPF) also referred to as Provident Fund (PF) is a government-backed scheme and is a compulsory deduction for salaried employees. It is a fund to which both the employee and employer contribute 10 per cent of the employee’s basic salary each month. Earlier, this percentage was 12 per cent for private organisations.  

The employer and employee deposit their contribution to the EPFO every month. Generally, the accumulated or a part of the amount in an EPF account can be withdrawn by the employee in the event of retirement, or resignation.

EPFO has recently tweeted from its official Twitter handle regarding the various purposes for which the non-refundable EPF Advance can be applied for. The tweet said, "EPF Members can apply for Non-refundable EPF Advance through Unified Member Portal or UMANG App, to avail various benefits."

 

Now, the reasons for which one can apply for non-refundable EPF Advance are as follows:

1) Housing loans/ purchase of site/ house/ flat or for construction/ addition, alteration of existing house/ repayment of housing loan

2) Lockout or closure of factory

3) Illness of family member

4) Marriage of self/ son/ daughter/ brother/ sister

5) Post matriculation education of children

6) Natural calamity

7) Cut in electricity in establishment

8) Purchasing equipment by physically handicapped

9) One year before retirement

10) Investment in varistha pension bima yojana (VPBY)

11) Unemployment of not less than one month

12) Outbreak of pandemic (COVID-19)

The EPF members can withdraw money from the EPF account by applying for an advance from their EPF accounts. In case of withdrawal, the employee should use his Universal Account Number (UAN), which the EPFO has issued. The employee must keep in mind that his or her Aadhaar, PAN, and bank account must be linked with the UAN. The person, who wants to withdraw, can write an application to the Commissioner asking for an advance from his EPF account. The withdrawal can be done either by submitting a hard copy of the application or by submitting an application online.

The EPF members can also apply for its withdrawal with the help of UMANG app.

For further details, one can login to the official EPFO website at epfindia.gov.in.