Things To Remember Withdrawing Money From EPF – If You Are Withdrawing From Provident Fund Then Keep These Things In Mind
Many people are facing financial crunch in the circumstances arising out of Covid-19. Keeping this in mind, EPFO has issued some rules to withdraw money from Provident Fund.
Many people have lost their jobs due to Kovid and people’s livelihood has been affected. Keeping this situation in mind, the Employees’ Provident Fund Organization has issued some guidelines, under which employees can partially withdraw their deposits. These rules are as follows
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- Employees who have availed COVID-19 advance earlier can now opt for second advance as well. The Employees’ Provident Fund Organization will settle these claims within three days of receipt.
- Some things should be kept in mind while withdrawing this amount. An employee can withdraw up to three months basic salary and dearness allowance or up to 75 per cent of the amount deposited in the EPF account of the member.
- For this, the employee has to file Form 31. According to the rules, this amount can be withdrawn after being unemployed for one month.
- If the entire amount is less than Rs.50,000, then tax is not applicable. Keep in mind, if an employee provides PAN number along with the application, the applicable tax rate is 10 per cent. Otherwise the tax rate is high.
- The employee can withdraw money directly from the EPFO website, provided the employee’s UAN and Aadhaar are linked.
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Along with this, financial experts have also given some measures to deal with the financial crisis, taking care of which the effect of money crunch will be minimal.
be financially smart
- The most important thing is to make a budget and then stick to it. So make a budget according to the income and go according to it.
- Avoid extravagant expenditure. Don’t fall into the temptation of discounting prices. Before buying something, see if it is needed or not.
- Make sure to keep a fund of your own for emergencies. Set aside this fund in addition to your monthly savings.
- Keep documents related to economic management in a systematic manner. Take care of your bill. Avoid damages.
- Keep an eye on how you spend. For this, you can also avoid extravagance by using the app.
- Make the habit of saving first and then spending the rule of life. With this you will avoid borrowing and will be stress free.
- When shopping, decide the priority of the goods according to the need. Make sure to take a list to the market so as to avoid making unnecessary purchases.
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