The Employees’ Provident Fund Organisation (EPFO), has permitted contributors to withdraw a non-refundable COVID-19 advance from their financial savings. This is the second time it has allowed such a reduction measure because of the ongoing pandemic, the Labour Ministry stated in a press release.
Members who’ve already availed the primary COVID-19 advance can now go for a second advance additionally. As per the Labour Ministry assertion, the supply and course of for withdrawal of the second COVID-19 advance is similar as within the case of the primary advance.
The provision for particular withdrawal to fulfill the monetary want of members throughout the pandemic was launched in March 2020, below Pradhan Mantri Garib Kalyan Yojana (PMGKY).
Under this provision, non-refundable withdrawal to the extent of the fundamental wages and dearness allowances for 3 months or as much as 75% of the quantity standing to member’s credit score within the EPF account, whichever is much less, is supplied. Members can apply for a lesser quantity additionally.
Official figures present, cumulatively, that EPFO has settled greater than 7.63 million COVID-19 advance claims, disbursing Rs 18,698.15 crores in all for the reason that facility was made accessible. EPFO has no less than 50 million subscribers.
To facilitate immediate settlement, EPFO has additionally deployed a system pushed auto-claim settlement course of in respect of all members whose KYC necessities are full in all respects. According to the federal government, the auto-mode of settlement has enabled EPFO to scale back the declare settlement cycle to a few days as in opposition to the statutory requirement to settle the claims inside 20 days.