Tuesday, June 1, 2021

EPFO has allowed members to avail second Covid advance

EPFO allows members to avail second Covid-19 advance

NEW DELHI: The gvernment on Monday said individuals from Employees' Provident Fund Organization EPFO have been allowed to pull out a second non-refundable Covid-19 development from the annuity reserve in the light of the monetary effect of the second flood of Covid. 

An arrangement for exceptional withdrawal of EPFO reserves was presented by the public authority in March a year ago under the PM Garib Kalyan Yojana (PMGKY). The plan, pointed toward assisting laborers with holding over the pandemic-incited monetary challenges, had permitted non-refundable withdrawal of assets to the degree of essential wages and dearness recompenses for a quarter of a year, or up to 75% of the sum remaining shockingly in the EPF account. 

Work service sources said the Covid-19 development office has been benefited by almost 76.31 lakh candidates and a development of Rs 18,698.15 crore was delivered. 

The public authority said individuals who have effectively benefited the main Covid-19 development will likewise be allowed to pick a subsequent development and the interaction for withdrawal will be something similar. 

The service additionally said that it has concurred first concern to Covid-19 cases and EPFO has been coordinated to settle all Covid-19 related cases and demands for advance inside three days of the receipt of such cases. 

To work with brief settlement, EPFO has additionally sent a framework driven auto-guarantee settlement measure in regard of all individuals whose KYC necessities is finished in all regards. Auto-method of settlement, the public authority said, has empowered EPFO to diminish the case settlement cycle to 3 days as against the legal prerequisite to settle the cases inside 20 days.

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