Massive good news for EPFO subscribers! You can do this during COVID-19 crisis

Providing a major relief to millions of EPFO subscribers, the labour ministry on Sunday issued a notification allowing them to withdraw a portion of their retirement savings with immediate effect amid the Covid-19 lockdown. As per the gazette notification, EPFO subscribers can withdraw 75% of their savings or up to a maximum of three months' basic pay and dearness allowance from their PF account – whichever is lower. Not just this, the request put in by the subscribers will be honoured by the retirement fund manager within three days.

However, the subscribers need to keep in mind that if they withdraw the amount, it cannot be replenished after the situation improves.  

“Please note that the Covid-19 has been declared a Pandemic by appropriate Government for the entire country and therefore the employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952, are eligible for the benefits of non-refundable advance under the sub-para (3) of Para 68L which has come into force from today", said the notification, which comes into effect immediately.

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The notification allows subscribers to withdraw money for multiple reasons apart from the pandemic. These include house construction, marriage and education of children, illness and unemployment.

“The notification amends the EPF Scheme, 1952 by inserting Sub-Para (3) under Para 68L of the EPF Scheme, 1952 to provide for non-refundable advance to EPF members not exceeding the basic wages and dearness allowances for three months or upto 75% of the amount standing to member’s credit in the EPF account in the event of outbreak of epidemic or pandemic," the notification added.

To make that request, you need to log in to your UAN account through this link -- https://unifiedportal-mem.epfindia.gov.in/memberinterface/. EPFO has an active subscriber’s base of 60 million and the fund manager manages a total corpus of over Rs 12 trillion.