The EPFO members can withdraw funds of as much as Rs 1 lakh for medical emergencies and hospitalisation from critical life-threatening ailments.
Earlier the medical advances might solely be withdrawn after the estimates had been supplied by the hospital.
If you’ve gotten a medical emergency or require pressing medical remedy, you could possibly withdraw cash out of your Employee Provident Fund (EPF) account.
The Employees’ Provident Fund (EPF) is a retirement financial savings programme supplied to salaried workers. In this scheme, a portion of their month-to-month revenue is deposited with the Employees’ Provident Fund Organization (EPFO).
The employer additionally contributes a set amount of cash to the fund. The corpus develops with time and can show helpful to the worker sooner or later, both throughout their service or within the post-retirement part.
To cowl particular monetary unexpected wants, resembling medical remedy, a marriage, education, residence mortgage, and home development prices, the EPFO permits members to make advance withdrawals from their accounts.
The EPFO members can withdraw funds of as much as Rs 1 lakh for medical emergencies and hospitalisation from critical life-threatening ailments.
Earlier the medical advances might solely be withdrawn after the estimates had been supplied by the hospital.
Later it was introduced {that a} lump sum medical advance of as much as Rs 1 lakh may be granted by the authority for withdrawal with out the necessity of an estimate from the hospital or documentation.
The cash that may be withdrawn is the least a 6 months’ primary wages and dearness allowance (DA) of the member or to the member’s share of contribution with curiosity.
EPFO had said that in case of life-threatening sicknesses, it turns into “imperative to get the patient immediately admitted in hospital in an emergency to save his/her life and it is not possible to get the estimate from hospital in such serious situations.”
However, there are specific situations which should be fulfilled when availing this feature.
The withdrawals may be made for sufferers admitted to a authorities or Public Sector Unit like ESIC or CGHS-empaneled hospital for remedy of the illness. In the case of a non-public hospital, a background examine can be completed by EPFO.
The case shall be checked by the competent authority of EPFO to resolve if the advance may be made or not.
To withdraw cash out of your EPF account for medical functions, you will want to observe these steps:
Step 1: Go to the e-SEWA portal of the EPFO. https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2: Enter your Universal Account Number (UAN), and password, and sort within the captcha code to log in.
Step 3: Enter your checking account data on the brand new web page that opens and choose “Verify” to continue. This information is linked to your PF account. Now, click on “Yes” to just accept the phrases and situations.
Step 4: Click the “Online Services” link and choose Claim Form-31 for illness
Step 5: After this, click on ‘Proceed for Online Claim’.
If the patient is discharged from the hospital, an employee must submit the medical bills to EPFO within 45 days to avail the facility of PF withdrawal.
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