EPFO: Members Can Now Avail Second COVID-19 Advance
EPFO: Members who have already availed the first COVID-19 advance, can now opt for a second advance also.
Employees' Provident Fund Organisation (EPFO) on Monday, 31 May, announced its decision to allow its members to avail a second non-refundable COVID-19 advance. The decision has been taken in the view of second wave of the COVID-19 pandemic.
Last year in March, the Ministry introduced a provision of special withdrawal, in order to meet the financial need of members, under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
"Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to member's credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also," the ministry said in a press release.
It also stated that the members who have already availed the first COVID-19 advance, can now opt for a second advance also.
Moreover, the ministry claims that EPFO it is committed to settle the 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 is complete in all respects. Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days," it added.
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.