COVID-19 influence: EPFO permits members to avail second non-refundable advance


Picture Supply : PTI

COVID-19 influence: EPFO permits members to avail second non-refundable advance

 

In view of the monetary disaster because of the second wave of COVID-19, the Workers’ Provident Fund Organisation (EPFO) has allowed its members to avail second non-refundable COVID-19 advance, the Ministry of Labour and Employment knowledgeable on Monday. The supply for this particular withdrawal to fulfill the monetary want of members throughout the pandemic was first launched in March 2020 underneath the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

An modification to this impact was made by the ministry within the Workers’ Provident Funds Scheme, 1952 by inserting therein sub-para (three) underneath paragraph 68L, by way of a notification within the Official Gazette.

“Underneath this provision, a non-refundable withdrawal, to the extent of the essential 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 supplied. Members can apply for lesser quantity additionally”, mentioned the ministry.

The ministry additionally knowledgeable that greater than 76.31 lakh COVID-19 advances have been claimed up to now. “The COVID-19 advance has been an amazing assist to the EPF members throughout the pandemic, particularly for these having month-to-month wages of lower than Rs 15,000. As of date, EPFO has settled greater than 76.31 lakh COVID-19 advance claims thereby disbursing a complete of Rs 18,698.15 crore”, it added.

Members, who’ve already availed of the primary COVID-19 advance, also can go for a second advance now. The supply and course of for withdrawal of the second COVID-19 advance stay the identical as within the case of the primary advance.

“Contemplating the pressing want of members for monetary assist in these attempting instances, it has been determined to accord prime precedence to Covid-19 claims. EPFO is dedicated to settling these claims inside three days of their receipt. For this, EPFO has deployed a system-driven auto-claim settlement course of in respect of all such members whose KYC necessities are full in all respects. Auto-mode of settlement permits EPFO to scale back the declare settlement cycle to only three days as in opposition to the statutory requirement to settle the claims inside 20 days”, the Ministry of Labour and Employment knowledgeable. 

(With ANI inputs)

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