EPFO to allow second Covid-19 advance withdrawal

As of date, EPFO has settled greater than 76.31 lakh Covid-19 advance claims, disbursing a complete of `18,698.15 crore, the labour ministry stated Monday.

Subscribers to the Staff’ Provident Fund Organisation (EPFO) can now avail a second non-refundable Covid-19 advance to the extent of three months’ wages (fundamental plus DA) or as much as 75% of the quantity standing to member’s credit score within the EPF account, whichever is much less.

The particular withdrawal provision, aimed toward assembly the monetary want of members throughout a pandemic, was first launched in March final yr, underneath Pradhan Mantri Garib Kalyan Yojana (PMGKY). Such claims can be settled with three days of receipt.

As of date, EPFO has settled greater than 76.31 lakh Covid-19 advance claims, disbursing a complete of Rs 18,698.15 crore, the labour ministry stated Monday.

“Through the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic lately. In such making an attempt occasions, EPFO endeavours to lend a serving to hand to its members by assembly their monetary wants. Members who’ve already availed the primary Covid-19 advance can now go for a second advance additionally,” it stated.

Contemplating the pressing want of members for monetary help in these making an attempt occasions, it has been determined to accord prime precedence to Covid-19 claims, the ministry stated.