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EPFO withdrawal rules Change 2024: There is important news for the account holders and employees of the Employees' Provident Fund Organization. EPFO ​​has made this change in the rule for withdrawing advances from PF accounts. EPFO ​​has discontinued the Kovid Advance facility started during the Corona period. This decision will apply to all trusts.

Read EPFO ​​notification

• According to the notification issued by EPFO, the Employees' Provident Fund Organization had provided the facility of non-refundable advance to its EPF employees during the first and second wave of the coronavirus epidemic in the country, but now that COVID-19 is no longer an epidemic, it has been decided to discontinue the COVID advance facility with immediate effect.
• Now from 2024, subscribers will not get this facility. Accordingly, all the trusts coming under your respective jurisdiction can be informed about this. It is a matter of relief that EPFO ​​has recently started the facility of auto-mode settlement for advance claims related to home, marriage and education. Auto mode advance claim settlement facility settles the claim as soon as possible without any human intervention.

The facility was started in 2020

• The provision of withdrawal of money from Employees' Provident Fund accounts was first introduced in March 2020 under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). In June 2021, the Ministry of Labour announced that EPF account holders can withdraw a second non-refundable advance from their account to meet financial emergencies related to COVID-19. Earlier, account holders were allowed only a one-time withdrawal.
• The Employees' Provident Fund Organisation allows its account holders to withdraw a non-refundable advance of up to three months' basic salary and DA or 75 per cent of the funds available in the EPF account (whichever is lower), however, the EPF member can also apply for a lesser amount than this.

More than 2 crore account holders took advantage

• More than two crore subscribers of EPFO ​​took advantage of this. Rs 48,075.75 crore was withdrawn as Corona advance till the year 2023.
• EPFO distributed Rs 17,106.17 crore to 69.2 lakh subscribers in 2020-21. In the year 2021-22, 91.6 lakh subscribers availed this facility and Rs 19,126.29 lakh crore was withdrawn as advance.
• In 2022-23, 62 lakh subscribers withdrew Rs 11,843.23 crore from their PF accounts.