Outlook Money
Contribution to the EPF begins right from the first. The primary goal of the EPF scheme is to gather a lump sum amount for salaried individuals who can finance their retirement years.
These subscribers contribute 12 per cent of their basic pay plus the dearness allowance to EPF. Employer’s contribution, which is 12 per cent of the employee’s basic and dearness allowance is split- 3.67 per cent is submitted to EPF and 8.33 per cent to the Employees’ Pension Scheme.
EPF subscribers can withdraw the funds prematurely if they become unemployed for two months, face the closure of the company, for wedding and emergency expenses etc.
EPFO has streamlined the claim submission procedures with the introduction of the Universal Account Number (UAN) system. As an EFP contributor, one should make sure that UAN has been activated before one files any claim for an advance or withdrawal.
In order to claim EPF Advance online, one must start by logging in to the EPFO portal using UAN details and then choose the type of claim one wants to seek an advance for. Next, one needs to verify identity using the OTP and then fill in the details on the loading page for the online claim.
Compiled by Syed Muskan