New Delhi: Retirement fund body EPFO has allowed its over five crore subscribers to avail the second COVID-19 advance in view of the second wave of the coronavirus infections in the country.
Earlier last year, the Employees' Provident Fund Organisation (EPFO) had allowed its members to withdraw COVID-19 advance to meet exigencies due to the pandemic.
The provision for special withdrawal to meet the financial need of members during the pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY).
An amendment to this effect was made by the Ministry of Labour & Employment in Employees' Provident Funds Scheme, 1952 by inserting therein sub-para (3) under paragraph 68L, through notification in the Official Gazette.
Details -
- EPFO members are allowed to withdraw up to three months’ basic wages (basic pay + dearness allowance) or up to 75 per cent of amount standing to their credit in their provident fund account, whichever is less.
- Members who have already availed the first COVID-19 advance are also eligible for second advance.
- The provision and process for withdrawal of second COVID-19 advance is same as in the case of first advance.
- Considering urgent need of members for financial support in these trying times, EPFO has deployed an automated system so that claims can be settled in just 3 days as against the statutory requirement to settle the claims within 20 days.
- As on date, the EPFO has settled more than 76.31 lakh COVID-19 advance claims thereby disbursing a total of Rs 18,698.15 crore.
(With Agency Inputs)
