Planning to withdraw money from your EPF account due to current pandemic, read this-

The Employee Provident Fund Office has now introduced a Pandemic Advance, in which employees can withdraw up to 75% of the amount in their EPF account, or 3 months’ basic salary and dearness allowance, whichever is less.

Read from the articles on how to withdraw from your account, here is the math on how much you can withdraw.

The EPF withdrawal math:

Let us say your last drawn basic salary plus DA, if received any per month is Rs 30,000 and the EPF balance in your account is Rs 3 lakh. Then the amount of money you are eligible to withdraw will be lower of:
a) Three months of basic + DA, i.e., Rs 90,000 (Rs 30,000 X 3); or
b) 75 per cent of the EPF balance , i.e., Rs 2,25,000 (75 per cent of Rs 3 lakh)

According to this example, you are eligible to withdraw Rs 90,000 from your EPF account. The amount withdrawn by you due to the outbreak of the pandemic is ‘non-refundable’. Therefore, you are not required to refund or replenish the withdrawn amount back into your EPF account.

For the detailed steps read the article here


Nicely done! Thanks Jeevan for the contribution made.

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