The Employees’ Provident Fund Organisation (EPFO) has allowed its over 5 crore subscribers to avail of the second COVID-19 advance in view of the second wave of coronavirus infections within the nation.
The transfer to permit more money was first launched in March 2020 beneath Pradhan Mantri Garib Kalyan Yojana (PMGKY), a Covid-19 help package deal.
Earlier final 12 months, the Employees’ Provident Fund Organisation (EPFO) had allowed its members to withdraw COVID-19 advance to satisfy exigencies because of the pandemic.
The members have been allowed to withdraw three months’ primary wages (primary pay + dearness allowance) or as much as 75 p.c of quantity standing to their credit score of their provident fund account, whichever is much less.
“To support its subscribers during the second wave of COVID-19 pandemic, the EPFO has now allowed its members to avail second non-refundable COVID-19 advance,” a labour ministry assertion mentioned.
The provision for particular withdrawal to satisfy the monetary want of members through the pandemic was launched in March 2020, beneath Pradhan Mantri Garib Kalyan Yojana (PMGKY), it mentioned.
An modification to this impact was made by the Ministry of Labour & Employment in Employees’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) beneath paragraph 68L, via a notification within the Official Gazette.
Under this provision, non-refundable withdrawal to the extent of the essential pay and dearness allowances (which kinds primary wages) for 3 months or as much as 75 p.c 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.
The COVID-19 advance has been an awesome 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, the EPFO has settled more than 76.31 lakh COVID-19 advance claims thereby disbursing a complete of Rs 18,698.15 crore.
During the second wave of the pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic not too long ago.
In such making an attempt 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 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, it mentioned.
Considering pressing want of members for monetary assist in these making an attempt instances, it has been determined to accord prime precedence to COVID-19 claims.
The EPFO is dedicated to settle these claims inside three days of their receipt. For this, the 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.Â
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