Has the Loud Layoffs got you worried?
Your EPF Balance can come to your rescue!!💸
As per the latest EPFO rules, unemployed EPF account holders can avail non-refundable advance of up to 75% of their balance after being fired or being unemployed for more than a month.🤯
And if you continue to remain jobless for two months, you can then withdraw your entire EPF corpus and close your account.💰
Plus if you have completed 5 years of service with the company, then not only the EPF withdrawal is tax-free but you are also eligible for gratuity under the Gratuity Act,1972. 🤑
So, if you were handed the pink slip or voluntarily retired, use your EPF corpus to reduce strain on your finances!!
The EPF subscriber has to declare unemployment in order to withdraw the EPF amount.
You have to submit your KYC document and authenticate your Bank account.
The Online claim is made with Form 31, 19 and 10C
A reason for claim has to be selected from the drop-down options provided next to the “Purpose for which advance is required” option
Once the employer approves the withdrawal request, the withdrawal amount will be withdrawn from the EPF account and will be deposited to the respective bank account
#anushkarathod #finances #layoffs #EPF #gratuity #cs.ujjawalpahwa
0 Comments