New Delhi: In what would come as a giant respite for lakhs of EPFO Subscribers, the regulatory fund has allowed its members to withdraw more money from account as COVID-19 advance.
“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.
Considering pressing want of members for monetary assist in these making an attempt occasions, it has been determined to accord high precedence to COVID-19 claims. EPFO is 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 allows 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 discharge mentioned.
The COVID-19 advance has been an excellent 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. As on date, EPFO has settled more than 76.31 lakh COVID-19 advance claims thereby disbursing a complete of Rs. 18,698.15 crore.
The provision for particular withdrawal to fulfill the monetary want of members throughout pandemic was launched in March 2020, beneath 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) beneath paragraph 68L, via notification within the Official Gazette.
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 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 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. The provision and course of for withdrawal of second COVID-19 advance is identical as within the case of first advance.
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