Unemployed EPFO Members Can Now Avail Non-Refundable Advance up to 75% of PF Corpus know Complete Details Below.
Did you know that EPF unemployed members can now access up to 75% non-refundable advance? This recent development brings financial relief to those facing job loss. In this blog post, we'll delve into the details of this beneficial update and how it can assist individuals during challenging times.
Members who have been unemployed for a month or more can now obtain a non-refundable advance of up to 75% of the amount available in their PF account. The EPFO recently tweeted, "Members who are no longer employed for one month or more can avail a non-refundable advance of up to 75% of the amount available in their PF account." The auto-mode of settlement allows EPFO to reduce the claim settlement cycle to just three days, as opposed to the statutory requirement of settling claims within 20 days.
This facility will financially assist members while they are unemployed and will also allow them to continue their pension membership because their EPF accounts are not closed. These are non-refundable deposits, and the individual will not be reimbursed.
Can I withdraw Full PF accumulation?
In the case of EPS, a lump-sum withdrawal Up to 75% is permitted if the service duration is less than ten years. The overall EPF balance includes both the employee's and the employer's contributions, as well as any interest gained. If the member is unemployed for more than two months, the remaining 25% can be withdrawable.
