When And How To Withdraw PF Online During Lockdown?

A recent announcement of the government regarding PF withdrawal came as a ray of hope for all the working individuals out there. When the majority of the population is facing financial problems due to the lockdown, many breathe a sigh of relief when they got to know that they can withdraw a certain amount from their Employees' Provident Fund (EPF) account. At this crisis time, employees are permitted to make a partial or 'advance' PF withdrawal. However, people have several doubts in their minds about EPF withdrawing, hence keep reading to find answers to some of the common queries!!

When To Withdraw From The PF Account?

According to the rule, all those people who are going through financial problems due to the pandemic and lockdown should go for the EPF withdrawal. Provident fund members can acquire the relaxation under the EPF Scheme that will help them tide over short-term money crunch. 

Working people who are facing liquidity problems can also decide for a PF money withdrawal and use the same to meet emergency expenses. In addition to this, people can also utilize these funds to pay off their debts, loan EMIs, or credit card dues.

Also Read: Impact of COVID-19 And National Lockdown on Employment Laws

Frankly speaking, in the wake of the COVID-19 pandemic, the day-to-day flow of income has surely been interrupted, especially for employees. Hence, if people decide to withdraw PF, then they should also utilize it wisely. 

How To Withdraw PF Online? 

A subscriber should have an active UAN and the mobile number for applying for EPF withdrawal online. Also, UAN should be KYC-verified. One can claim for 'advance' withdrawal through EPFO's unified portal. The claim will be automatically forwarded to the employer for further approval. The amount will be credited only when the employer approves the withdrawal. 

Take a look at the small guide to initiate a PF claim: 

Step 1: first of all, one should log in to the EPFO portal- unifiedportal-mem.epfindia.gov.in 

Step 2: Once logged in, go to 'online services' and then choose the 'claim' section

Step 3: Then, verify the bank account number

Step 4: Next, submit a scanned copy of passbook or a cheque 

Step 5: The site will ask the reason for submitting the advance. Hit the 'outbreak of pandemic' option as a reason

Step 6: Last, one should also generate an OTP based on the Aadhaar. 

Once all the aforementioned steps are done, the claim will be processed in no time and it will be forwarded to the employer.

Bottom Line!!!

Earlier, non-refundable advances were only allowed for certain purposes including purchase/construction of the house, repayment of loans, marriage, or medical treatment of self/family members. Financial experts have always said that it is not a good idea to withdraw the EPF amount before retirement because if allowed it can reap numerous benefits to a subscriber. However, many subscribers are left with no other option but to rely on their EPF to meet their short-term needs at this difficult time. We hope now you are clear about when and how to withdraw PF online easily.