Job loss, employment? You can take advantage of this financial advantage; Details here

New Delhi: If you’ve lost your job or become unemployed, you don’t have to worry about getting a loan right away. As you continue to look for a job and look for a job, emergency financial assistance awaits you. If you are a member of the Employee Provident Fund (EPF), you may receive a non-refundable advance, according to the details provided by the Organization of the Employee Provident Fund (EPFO).Also Read – NEET UG 2021 Exam Date: NTA to Start Registration at 5:00 PM, List of Required Documents

“EPF members can now benefit from a non-refundable advance in the event of unemployment,” tweeted EPFO. Also Read – Ranbir Kapoor Is Likely To Play Dada In Sourav Ganguly Biopic

Here is everything you need to know about the advance payment to EPF members in the event of unemployment

  • Members who have not been employed for a month or more can receive a non-refundable advance of up to 75 percent of the amount available in their PF account, EPFO ​​said.
  • This facility will financially help members in times of unemployment and will also allow them to continue their membership in retirement, as their EPF accounts are not closed.

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  • Apart from this, the family and dependents of EPF members may also be eligible for financial assistance during the COVID-19 pandemic as an amendment to the EDLI program, 1976, EPFO ​​said.
  • A maximum insured benefit of up to Rs 7 lakh is paid to the candidate or to the legal heir of the member of the EPF, if the death occurs during service.
  • Minimum insurance benefit of Rs 2.5 lakh, if the deceased member was in continuous employment for 12 months before his death.
  • No contribution is payable by the employee.
  • There is an automatic registration feature for PF members in the EDLI program.
  • Profit directly credited to the bank account of the agent or legal heir, according to the details provided by EPFO.

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