With the increasing number of COVID-19 cases, people are getting less sleep with the tension of the treatment cost. However, there is spite of relief as the salaried class, employees with the Employees’ Provident Fund (EPF) account can withdraw money or take a loan on medical grounds.
The norms by the Employees’ Provident Fund Organisation (EPFO) revealed that employees are well within their rights to withdraw money for a medical emergency, construction or purchase of a new house, renovation of the house, repayment of home loan, and wedding purposes.
To withdraw money for COVID-19 treatment, a person needs to get it under the medical emergency for spouse, or member or parent or children. If an employee’s spouse or children are suffering from the pandemic, then he/she can withdraw money from his PF account.
An employee is eligible to get six times the monthly salary or employee’s share with interest (whichever amount is lesser) from the EPF for medical treatment including that of COVID-19.
For the EPF withdrawal, the employee will be required to have Universal Account Number (UAN) and the bank details should also match with his or her EPF account.
Notably, the EPF withdrawal fund will not be transferred to the bank account of the third party.
The father’s name and employee’s date of birth must also match with the id proof that the borrower decides to submit.