One of my ex-colleagues, friend recently lost their job a month ago due to current crisis. He’s planning to withdraw his complete PF balance to manage some things. He has 7-8 years of accumulated PF balance.
Recently we spoke about the withdrawal and he said about some new restrictions on withdrawal and limits. I’m not able to confirm on the exact details.
It would help everyone’s understanding and help for my friend with his procedures too. I’d not want to share with him broken info.
“The amount withdrawn by you due to the outbreak of the pandemic is ‘non-refundable’. Therefore, you are not required to refund or replenish the withdrawn amount back into your EPF account”
There has been lot of flexibility given considering the pandemic to withdraw for emergency needs, hence it should be easy now.
I found this online and thought will help you gusy!
Withdrawing via EPFO’s Umang app
Step 1: Login to Umang App
Step 2: Select EPFO
Step 3: Select ‘Employee Centric Services’
Step 4: Select the option ‘Raise Claim’
Step 5: Enter your UAN details and click on ‘Get OTP’ to get one-time password to login in your account.
Step 6: Enter the OTP and click on login. Once you are successfully logged in to your account, enter last four digits of your bank account and select the member ID from the drop down menu. C …
After one month of unemplyment, candidate is eligible to withdraw 75% of amount and balance after two months. If PF amount is more than 2.5 lakhs, excess amount is taxable.
Maybe this is what was stopping the complete withdrawal, correct me if i’m wrong…
"But what if someone decides to quit his job before reaching 58? Under the existing rule, employees who resign from a job before they turn 58 years of age can withdraw the full PF balance (and the EPS amount depending on the years of service), if he/she is unemployed for 60 straight days (two months) or more after leaving a job.**
As per the current rules, if an individual remains unemployed for one month he/she can withdraw 75% of his/her EPF corpus. The balance 25% can be withdrawn if the member remains unemployed for more than two months."