Important updates for EPF (Employees Provident Fund) subscribers about pandemic relief. These new modifications must be noted by taxpayers and those who have EPF Registration. The most recent EPFO changes add a second Covid-19 advance to a non-refundable EPF advance. These updates are critical for anybody since they can aid in the fight against Covid-19 and other financial issues.
This post will discuss 5 Important Updates for Employee Provident Fund Subscribers.
5 Important updates for employees provident fund subscribers In the midst of the covid-19 crisis, the government has issued a number of updates to assist residents in India. For example, various tax breaks and GST exemptions on COVID-19 supply.
Similarly, fresh statements have been made by the Employees Provident Fund Organization (EPFO). These statements are positive and provide significant relief to employees who have EPF registration. Let’s take a closer look at each of them.
Non-refundable advance – Important updates for employees provident fund subscribers EPFO members who have been out of work for one month or more may withdraw up to 75 percent of their PF balance, according to the latest update. EPFO offers this service to EPF depositors without closing their accounts, allowing EPFO members to continue collecting pensions and benefits under EPF pension laws.
Second-CoronaVirus Advance Second, we have a significant update on EPFO withdrawal. According to the EPFO, an EPF account holder who drew a Covid advance during the first wave is now eligible for a second Covid advance from his or her PF account.
However, an EPF account holder will only be entitled to withdraw up to 75 percent of his or her EPF balance, or three months’ basic pay + Dearness Allowance, under this EPFO relief (DA).
COVID Advance after leaving the job On the third number of Important updates for employees provident fund subscribers, we have COVID Advance after leaving the job. An EPFO member is now eligible for a Covid advance from his or her EPF account even if he or she has left his or her employment. However, the eligibility criteria are that they have not claimed full and final PF Withdrawal.