The Ministry of Labour and Employment has issued a notification allowing subscribers to withdraw non-refundable advance from the Employees Provident Fund in the wake of COVID-19.
The notification amending the EPF Scheme 1952 permits withdrawal of up to the amount of basic wages and dearness allowance for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less, in the event of an outbreak of epidemic or pandemic.
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The amended scheme -- Employees Provident Fund (Amendment) scheme, 2020 -- has come into force from Saturday. The Employees Provident Fund Organisation (EPFO) has also directed its field offices to process any application received from EPF members to help them fight the situation promptly, an official statement said.
The provision is part of the package announced by Finance Minister Nirmala Sitharaman earlier last week to fight the situation arising out of COVID-19
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