Covid In India: EPFO permits members to withdraw wages upfront
The Employees’ Provident Fund Organisation (EPFO) has allowed its members to avail the second non-refundable Covid-19 advance, a measure which has been introduced conserving in view the raging second wave of the pandemic, which has particularly turned out to be a devastating one for the nation.
The provision for particular withdrawal to fulfill the monetary want of members through the pandemic was launched in March 2020, underneath Pradhan Mantri Garib Kalyan Yojana (PMGKY).
An modification to this impact was made by Ministry of Labour & Employment in Employees’ Provident Funds Scheme, 1952 by inserting a provision, underneath which non-refundable withdrawal to the extent of the essential 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, is supplied.
Members can apply for lesser quantity additionally, in response to the principles.
The Covid-19 advance has been an amazing assist to the EPF members through the pandemic, particularly for these having month-to-month wages of lower than Rs 15,000. As on date, EPFO has settled greater than 76.31 lakh Covid-19 advance claims thereby disbursing a complete of Rs 18,698.15 crore.
During the second wave of Covid-19 pandemic, ‘Mucormycosis’ or Black Fungus has been declared an epidemic not too long ago.
Members who’ve already availed the primary Covid-19 advance can now go for a second advance additionally. The provision and course of for withdrawal of second Covid-19 advance is similar as within the case of first advance.
Considering the pressing want of members for monetary assist in these attempting instances, it has been determined to accord prime precedence to Covid-19 claims, official sources mentioned.
For this goal, EPFO has deployed a system pushed auto-claim settlement course of for all such members whose KYC necessities are full.
Auto-mode of settlement allows EPFO to scale back the declare settlement cycle to only three days as towards the statutory requirement to settle the claims inside 20 days.
