PF Withdrawal Rule Change: Employees who are registered for their Employees’ Provident Fund (EPF) can take an advance of Rs 1 lakh for a medical emergency. This can be taken from their accumulated corpus for emergency medical treatment or hospitalization. Employees are also not required to provide an estimate about the cost of the said hospitalization or procedure before withdrawing funds.
The revised and streamlined circular outlines the scope within which the medical advance falls and even the terms of treatment under which it will be given.
As per the circular, this advance is applicable to employees covered under Central Service Medical Attendant (CS(MA)) Rules as well as employees covered under Central Government Health Scheme (CGHS).
PF Withdrawal Rule Change
Let us tell you, many times in order to save the life of the patient in life-threatening diseases, it is necessary to get him admitted to the hospital immediately in case of emergency, and in such a situation it is not possible to guess from the hospital. The need is felt to pre-organize the facility for the treatment of such critical patients in the hospital when the family members of the staff are not able to manage the estimate from the hospital concerned in which such patient has been admitted in an emergency.
Sometimes the patient may be in ICU where the prognosis is not known in advance. Therefore the following procedure may be adopted for grant of medical advance for emergency hospitalization due to serious life-threatening illness including COVID,” the circular stated.
What are the withdrawal conditions of EPFO?
Money that can be withdrawn. He shall be the member’s share of at least 6 months basic salary and dearness allowance or member’s share with interest.