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The Workers Provident Fund Organisation (EPFO) has allowed its members to take a second non-refundable COVID-19 advance. This provision for particular withdrawal to satisfy the monetary want of members in the course of the pandemic was launched in March 2020 beneath Pradhan Mantri Garib Kalyan Yojana (PMGKY). And an modification to this impact was made by the Ministry of Labour & Employment in Workers’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) beneath paragraph 68L, by a notification within the Official Gazette, the Ministry of Labour and Employment stated in an announcement right now.
How a lot might be withdrawn?
PF subscribers could make a non-refundable withdrawal of fundamental wages and dearness allowances for 3 months or as much as 75 per cent of the quantity standing to member’s credit score within the EPF account, whichever is much less. EPF members can apply for a lesser quantity additionally.
The Ministry stated that the COVID-19 advance has been a terrific assist to the EPF members in the course of the pandemic, particularly for these having month-to-month wages of lower than Rs. 15,000. Until now, EPFO has settled over 76.31 lakh COVID-19 advance claims, disbursing Rs 18,698.15 crore.
Will you get an advance for the second time?
EPFO stated that EPF members who’ve already taken first COVID-19 advance can now go for a second advance additionally. The supply and course of for withdrawal of the second COVID-19 advance would be the identical as within the case of the primary advance.
Claims in three days
The Ministry of Labour & Employment stated EPFO has dedicated to settle the claims inside three days of their receipt. “EPFO has deployed a system pushed auto-claim settlement course of in respect of all such members whose KYC necessities is full in all respects. Auto-mode of settlement permits EPFO to scale back the declare settlement cycle to only 3 days as towards the statutory requirement to settle the claims inside 20 days,” the ministry stated.
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