EPFO has recently updated its rules regarding the withdrawal of advances from the Employees Provident Fund (EPF). These changes affect the COVID-19 advance that was introduced during the pandemic.
EPFO has decided to discontinue the COVID-19 advance immediately. Initially introduced during the first wave of the pandemic
and extended during the second wave, this advance was aimed at providing financial relief to EPF members facing pandemic-related hardships.
Termination of COVID-19 Advance
According to a circular dated June 12, 2024, issued by EPFO, the COVID-19 advance has been stopped as COVID-19 is no longer categorized as a pandemic.
This change applies universally, including to trusts affiliated with EPFO, which have been duly informed.
Rules for Withdrawing from EPF Account
EPFO members have various options for withdrawing funds from their EPF accounts, beyond the discontinued COVID-19 advance.
These include withdrawing up to three months’ basic salary and dearness allowance, or 75% of the EPF account balance—whichever is less.
Members can also apply for lesser amounts based on their specific financial needs, such as for buying a house, repaying a home loan, marriage expenses, or educational purposes.
