EPFO has announced that it will no longer provide advances for Covid-19 to its members.

"In light of Covid-19 no longer being a pandemic, the competent authority has decided to immediately discontinue the aforementioned advance. This applies equally to exempted trusts and should therefore be communicated to all trusts under your respective jurisdictions," stated EPFO in a notification.

Employee Provident Fund (EPF) account holders could previously withdraw money twice to address financial needs arising from Covid-19.

During the first wave of the pandemic, the EPFO introduced a non-refundable advance for EPF members. Starting from May 31, 2021, a second advance was made available during the second wave.

In March 2020, the initial step was taken with the introduction of the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

In June 2021, the Labour Ministry issued another non-refundable advance. Initially, EPF members were restricted to a solitary advance, but this rule was amended to offer extra assistance amid the pandemic.

The EPF, a government-supported programme, is designed to provide retirement benefits to employees. It ensures seamless transfer of EPF funds between employers when employees change jobs.

The first step to withdraw the PF amount is to verify eligibility. Once eligibility is confirmed, the subscriber needs to update their personal information, activate their UAN (Universal Account Number), and complete the EPF form for either partial or complete withdrawal.

Withdrawal in full is permitted only upon retirement or following two months or more of unemployment.