JOIN USEPFO members can now avail second Covid-19 advance
The Employees Provident Fund Organisation (EPFO) on Monday allowed its subscribers to avail the second non-refundable Covid-19 advance in the wake of the second wave of the pandemic and subsequent outbreak of mucormycosis or black fungus.
The amended Employees’ Provident Funds Scheme, 1952 now provides for 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 member's credit in the EPF account, whichever is less. Members can apply for a lesser amount also.
It was first introduced in March last year.
The provision for special withdrawal to meet the financial need of members during the pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY).
An amendment to this effect was made by the Ministry of Labour and Employment in Employees’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) under paragraph 68L, through notification in the Official Gazette.
According to an official statement issued by the Ministry of Labour and Employment, the Covid-19 advance has been a great help to the EPF members during the pandemic, especially for those having monthly wages of less than Rs 15,000.
As on date, EPFO has settled more than 76.31 lakh Covid-19 advance claims thereby disbursing a total of Rs 18,698.15 crore.
"During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic recently. In such trying times, EPFO endeavours to lend a helping hand to its members by meeting their financial needs. Members who have already availed the first Covid-19 advance can now opt for a second advance also," the statement said.
It said it has been decided to accord top priority to Covid-19 claims considering the urgent need of members.
"The EPFO is committed to settle these claims within three days of their receipt. For this, EPFO has deployed a system-driven auto-claim settlement process in respect of all such members whose KYC requirements are complete in all respects. Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just three days as against the statutory requirement to settle the claims within 20 days," it added.