Withdrawal in advance from Provident Fund approved
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has, for the second time, allowed subscribers to withdraw a non-refundable advance from their savings due to the coronavirus pandemic.
The move will be implemented as a part of the Pradhan Mantri Garib Kalyan Yojana, a Covid-19 assitance package which was introduced in last March last year.
“Under this provision, a non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to a member’s credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also,” a statement from the labour ministry said.
Also Read
According to the statement, the EPFO has deployed a “system driven auto-claim settlement process” to process such claims.
The EPFO members, whose “know your customer” requirements are complete, can immediately apply for the withdrawals, the ministry statement added.
Advertisements
Comments are closed.