New Delhi: If you have you lost jobs or become unemployed, you don’t to worry about taking a loan immediately. While you continue to search for jobs and look for employment, there is a financial help in emergency awaits for you. If you are an Employee Provident Fund (EPF) member, you can avail a non-refundable advance, according to details provided by the Employees’ Provident Fund Organization (EPFO).
“EPF Members can now avail Non-Refundable Advance in case of Unemployment,” EPFO tweeted.
Here is all you need to know about advance to EPF members in case of unemployment
- Members who are no longer employed for one month or more can avail a non-refundable advance of up to 75 per cent of amount available in their PF account, EPFO said.
- This facility will financially help members during unemployment and will also enable them to continue their pension membership, as their EPF accounts are not closed.
EPF Members can now avail Non-Refundable Advance in case of Unemployment.
(@socialepfo) June 12, 2021
EDLI Scheme – All You Need To Know
- Apart from this, family and Dependents of EPF Members can also avail financial assistance during COVID-19 Pandemic as an amendment in EDLI Scheme, 1976, EPFO said.
- A maximum assured benefit up to Rs 7 lakh is paid to nominee or legal heir of EPF member, if death occurs while in service.
- Minimum assurance benefit of Rs 2.5 lakh, if deceased member was in continuous employment for 12 months prior to his or her death.
- No contribution is required to be paid by employee.
- There is an auto enrollment facility for PF members in EDLI Scheme.
- Benefit directly credited to bank account of nominee or legal heir, according to details provided by EPFO.
Get real time update about this post directly on your device, subscribe now.