To assist its subscribers through the second wave of Covid pandemic, EPFO opn Monday now allowed its members to avail second non-refundable Covid advance. mentioned authorities. The supply for particular withdrawal to fulfill the monetary want of members throughout pandemic was launched in March 2020, below Pradhan Mantri Garib Kalyan Yojana (PMGKY). An modification to this impact was made by Ministry of Labour & Employment in Staff’ Provident Funds Scheme, 1952.
Below this provision, non-refundable withdrawal to the extent of the essential wages and dearness allowances for 3 months or as much as 75{bce2ac57dae147ae13b811f47f24d80c66c6ab504b39dda4a9b6e8ac93725942} 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 a fantastic assist to the EPF members through the pandemic, particularly for these having month-to-month wages of lower than Rs 15,000,” mentioned Ministry of Labour & Employment. As on date, EPFO has settled greater than 7.6 million Covid advance claims thereby disbursing a complete of Rs 18,698.15 crore.
“Through the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic just lately. 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 go for a second advance additionally. The supply and course of for withdrawal of second Covid-19 advance is identical as within the case of first advance,” the ministry additional mentioned.
Contemplating pressing want of members for monetary assist in these attempting instances, it has been determined to accord prime precedence to Covid claims. EPFO mentioned 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 only 3 days as towards the statutory requirement to settle the claims inside 20 days.
Pricey Reader,
Enterprise Commonplace has at all times strived laborious to offer up-to-date data and commentary on developments which might be of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on how you can enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these tough instances arising out of Covid-19, we proceed to stay dedicated to protecting you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.
We, nevertheless, have a request.
As we battle the financial affect of the pandemic, we want your assist much more, in order that we are able to proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We consider in free, truthful and credible journalism. Your assist by extra subscriptions may also help us practise the journalism to which we’re dedicated.
Assist high quality journalism and subscribe to Enterprise Commonplace.
Digital Editor
https://www.business-standard.com/article/pf/amid-pandemic-epfo-allows-its-members-to-avail-second-covid-advance-121053100621_1.html