New Delhi: In what would come as an enormous respite for lakhs of EPFO Subscribers, the regulatory fund has allowed its members to withdraw extra money from account as COVID-19 advance.
EPFO mentioned that contemplating pressing want of members for monetary help in these attempting instances, it has been determined to accord prime precedence to COVID-19 claims. Hence EPFO mentioned that it’s dedicated to settle these claims inside three days of their receipt.
For this, 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 cut back the declare settlement cycle to just 3 days as in opposition to the statutory requirement to settle the claims inside 20 days, the discharge mentioned.
“To support its subscribers during the second wave of COVID-19 pandemic, EPFO has now allowed its members to avail second non-refundable COVID-19 advance,” mentioned an official launch.
The COVID-19 advance has been an ideal 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.
The provision for particular withdrawal to meet the monetary want of members throughout 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 therein sub-para (3) underneath paragraph 68L, by way of notification in the Official Gazette.
Under this provision, non-refundable withdrawal to the extent of the essential wages and dearness allowances for three months or up to 75% of the quantity standing to member’s credit score in the EPF account, whichever is much less, is offered. Members can apply for lesser quantity additionally.
During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic not too long ago. In such attempting instances, 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 choose for a second advance additionally. The provision and course of for withdrawal of second COVID-19 advance is identical as in the case of first advance.
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