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.
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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.
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