The government on March 26, 2020 announced that an individual can withdraw a certain amount from their Employees’ Provident Fund (EPF) account, if he/she is facing financial problems due to the corona virus-related lock down.
The government has notified the amendment in EPF rules regarding withdrawal of funds from EPF accounts for corona virus-related financial exigencies. According to the amended rules, an EPF member can withdraw an amount equal to three months of basic and dearness allowance (DA) or 75 per cent of the credit balance in the account, whichever is lower for them.
Eligibility to apply for withdrawal
To apply for claim online, an EPF account holder should satisfy three conditions:
a) Universal Account Number (UAN) of the EPF member must be activated
b) Aadhaar should be verified and linked with UAN
c) Bank account of the EPF member with IFSC Code should be seeded with UAN.