{"id":3222,"date":"2021-07-15T17:33:46","date_gmt":"2021-07-15T12:03:46","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=3222"},"modified":"2021-07-15T17:46:32","modified_gmt":"2021-07-15T12:16:32","slug":"a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/","title":{"rendered":"A Guide To Making EPF Withdrawal During a COVID-19 Emergency"},"content":{"rendered":"\n<p>An emergency sends no warning and COVID-19 has hit us in ways incomprehensible. When you have no savings for such situations, provident funds can play an important role. Your employer deducts 12% of your salary that goes to your <a href=\"https:\/\/www.tickertape.in\/blog\/how-good-is-the-cut-in-your-epf-contribution\/?ref=blog\">Employee Provident Fund (EPF)<\/a>, which is offered by EPFO (Employees Provident Fund Organisation). Generally, you are only allowed to withdraw your EPF on retirement. However, due to the pandemic, a premature EPF withdrawal is allowed to help you meet your emergency expenses.<\/p>\n\n\n\n<p><strong>This article covers:<\/strong><\/p>\n\n\n\n<ul><li><a href=\"#when\">When can you withdraw from your EPF account?<\/a><\/li><li><a href=\"#conditions\">Conditions to withdraw PF for COVID-related emergency<\/a><\/li><li><a href=\"#process\">Process of EPF withdrawal<\/a><\/li><li><a href=\"#documents\">Documents required for EPF withdrawal<\/a><\/li><li><a href=\"#tax\">Tax rules applied on EPF withdrawal due to COVID-19<\/a><\/li><\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#When-can-you-withdraw-from-your-EPF-account\" title=\"When can you withdraw from your EPF account?\">When can you withdraw from your EPF account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#Conditions-to-withdraw-PF-for-COVID-related-emergency\" title=\"Conditions to withdraw PF for COVID-related emergency\">Conditions to withdraw PF for COVID-related emergency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#Process-of-EPF-withdrawal\" title=\"Process of EPF withdrawal\">Process of EPF withdrawal<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#1-Via-the-EPFO-website\" title=\"1. Via the EPFO website\">1. Via the EPFO website<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#2-Via-the-UMANG-app\" title=\"2. Via the UMANG app\">2. Via the UMANG app<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#Documents-required-for-EPF-withdrawal\" title=\"Documents required for EPF withdrawal\">Documents required for EPF withdrawal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tickertape.in\/blog\/a-guide-to-making-epf-withdrawal-during-a-covid-19-emergency\/#Tax-rules-applied-on-EPF-withdrawal-due-to-COVID-19\" title=\"Tax rules applied on EPF withdrawal due to COVID-19\">Tax rules applied on EPF withdrawal due to COVID-19<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"when\"><span class=\"ez-toc-section\" id=\"When-can-you-withdraw-from-your-EPF-account\"><\/span><strong>When can you withdraw from your EPF account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per the <a href=\"https:\/\/www.tickertape.in\/blog\/pf-withdrawal-rules-full-advance-withdrawal-process-documents-grievance-and-faqs\/\">PF withdrawal rules<\/a>, you are allowed to withdraw your provident fund on&nbsp; meeting any of the following criteria:<\/p>\n\n\n\n<ul><li>At the time of retirement (on or after attaining the age of 58)<\/li><li>If unemployed for two months continuously<\/li><li>Death before the specified retirement age<\/li><\/ul>\n\n\n\n<p>EPFO also allows you to make premature PF withdrawal in cases such as a medical emergency, wedding, higher education, buying land or a home, and so on. This applies to coronavirus-related emergencies as well. Now that you are familiar with the PF withdrawal rules, let\u2019s look at the implements you should know before withdrawing your funds for this purpose.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conditions\"><span class=\"ez-toc-section\" id=\"Conditions-to-withdraw-PF-for-COVID-related-emergency\"><\/span><strong>Conditions to withdraw PF for COVID-related emergency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to the revised EPF withdrawal rules, you can withdraw:<\/p>\n\n\n\n<ul><li>Three months basic salary (with no minimum service period) and <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-dearness-allowance\/\">dearness allowance<\/a><\/li><li>75% of the balance available in your EPF account<\/li><\/ul>\n\n\n\n<p>You can use your Employee Provident Funds to fund COVID-related treatment expenses. It\u2019s applicable to yourself, your spouse, children, and your parents. However, coronavirus has not only affected the masses health-wise but has taken a toll on the livelihood of many. To offer help in a situation where a person has lost their job due to COVID-19, the government has allowed them to claim PF after declaring <a href=\"https:\/\/www.tickertape.in\/blog\/unemployment-the-deadly-cost-of-covid-19\/\">unemployment<\/a> for a month. In such cases, a withdrawal of 75% of the EPF balance is allowed.<\/p>\n\n\n\n<p>If you wish to withdraw EPF for reasons other than those related to coronavirus, you are required to meet the eligibility criteria as laid out by the EPFO. Now let\u2019s take a look at how to withdraw PF.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"process\"><span class=\"ez-toc-section\" id=\"Process-of-EPF-withdrawal\"><\/span><strong>Process of EPF withdrawal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>PF withdrawal process is of two types: online and offline. However, given the current situation, consider submitting a withdrawal request remotely or from the comfort of your home. Let\u2019s look at the two online methods to make a PF withdrawal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1-Via-the-EPFO-website\"><\/span><strong>1. Via the EPFO website<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are two prerequisites you have to comply with before opting for an EPFO claim online. They are:<\/p>\n\n\n\n<ul><li>Your <a href=\"https:\/\/www.tickertape.in\/blog\/uan-universal-account-number\/\">UAN<\/a> (Universal Account Number) is activated and your registered mobile number is active<\/li><li>Your UAN is linked with your KYC, that is Aadhaar, PAN, and your bank details<\/li><\/ul>\n\n\n\n<p>If this is done, you will not have to get your employer\u2019s approval or attestation; you can get the withdrawal processed directly and the processing time is relatively faster. Once you submit the request, you can track your application status online via the <a href=\"https:\/\/www.epfindia.gov.in\/site_en\/index.php\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" aria-label=\" (opens in a new tab)\">EPFO website<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2-Via-the-UMANG-app\"><\/span><strong>2. Via the UMANG app<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Alternately, you can also submit your withdrawal request via the UMANG app. Below are the simple steps to follow:<\/p>\n\n\n\n<p><strong>Step 1:<\/strong> Launch the Umang app and select EPFO<br><strong>Step 2:<\/strong> Choose the &#8220;Request for Advance (COVID-19)&#8221; option<br><strong>Step 3:<\/strong> Enter your UAN and click on &#8216;Get OTP&#8217;<br><strong>Step 4:<\/strong> Key in the OTP and click on the login<br><strong>Step 5:<\/strong> Select the relevant member ID from the drop-down menu and enter the last four digits of your bank account number<br><strong>Step 6:<\/strong> Click on &#8220;Proceed for the claim&#8221;<br><strong>Step 7:<\/strong> Enter your address and click on &#8216;Next&#8217;<br><strong>Step 8:<\/strong> Upload the image of a blank cheque leaf mentioning your account number and name<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"documents\"><span class=\"ez-toc-section\" id=\"Documents-required-for-EPF-withdrawal\"><\/span><strong>Documents required for EPF withdrawal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Now that you know the PF withdrawal process during a coronavirus emergency, take a look at some important documents and details you need to submit to your employer:<\/p>\n\n\n\n<ul><li>Your UAN, which can be obtained from your employer<\/li><li>Bank account details such as name of the bank, bank account number, and IFSC<\/li><li>Any of your identity proof such as your Aadhaar card or PAN card&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>These documents will then be submitted to the EPFO by your employer along with other details such as the date of joining and exiting the organisation. Moving on, let\u2019s take a look at the tax rules.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"tax\"><span class=\"ez-toc-section\" id=\"Tax-rules-applied-on-EPF-withdrawal-due-to-COVID-19\"><\/span><strong>Tax rules applied on EPF withdrawal due to COVID-19<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Generally, EPF withdrawal is tax-free only if you have worked for the company for five years continuously. However, since the motive behind allowing premature withdrawal of Employee Provident Fund is to offer liquidity during the pandemic, no tax or <a href=\"https:\/\/www.tickertape.in\/blog\/all-you-need-to-know-about-tds-on-salary\/?ref=blog\">TDS<\/a> is imposed on the amount.<\/p>\n\n\n\n<p>It goes without saying that COVID-19 has affected the country on a rather serious note. And there is a need for financial support more than ever, especially during a global pandemic. The facility to make a premature withdrawal of the Employee Provident Fund has been a boon in such emergency situations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EPFO allows premature EPF withdrawal to meet emergencies related to COVID-19. This article covers the process and documentation required for the same<\/p>\n","protected":false},"author":45,"featured_media":3271,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[10,1744],"tags":[400,394,304,393,399,395,392,396,397,398],"acf":[],"modified_by":"Manonmayi","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/07\/EPF.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/3222"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=3222"}],"version-history":[{"count":5,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/3222\/revisions"}],"predecessor-version":[{"id":3274,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/3222\/revisions\/3274"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/3271"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=3222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=3222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=3222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}