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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.

Updated
Business
1 min read
<div class="paragraphs"><p>EPFO:&nbsp;The provision and process for withdrawal of second COVID-19 advance is same as in the case of first advance.</p></div>
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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.

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