New Delhi: In an endeavor to assist its subscribers in the course of the second wave of the coronavirus pandemic, the Workers’ Provident Fund Organisation (EPFO) has now allowed its members to avail second non-refundable Covid-19 advance.
The Ministry of Labour and Employment mentioned the supply for particular withdrawal to fulfill the monetary want of the members in the course of the pandemic was launched in March 2020 underneath the Pradhan Mantri Garib Kalyan Yojana (PMGKY), including an modification to this impact was made in Workers’ Provident Funds Scheme, 1952, by inserting therein sub-para (3) underneath paragraph 68L, by way of a notification within the Official Gazette.
Beneath this provision, non-refundable withdrawal to the extent of the essential wages and dearness allowances for 3 months or as much as 75% of the quantity standing to member’s credit score within the EPF account, whichever is much less, is offered. The members can apply for lesser quantity additionally.
The Covid-19 advance has been a fantastic assist to the EPF members in the course of the pandemic, particularly for these having month-to-month wages of lower than Rs. 15,000, the Ministry of Labour and Employment mentioned and knowledgeable the EPFO has, as on date, settled greater than 76.31 lakh Covid-19 advance claims thereby disbursing a complete of Rs. 18,698.15 crore.
Stating ‘mucormycosis’ or black fungus has been declared an epidemic not too long ago in the course of the second wave of the pandemic, the ministry mentioned the EPFO in such attempting occasions endeavours to lend a serving to hand to its members by assembly their monetary wants.
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The members, who’ve already availed the primary Covid-19 advance, can now go for a second advance additionally. The availability and course of for withdrawal of second Covid-19 advance are identical as within the case of the primary advance.
Contemplating the pressing want of the members for monetary assist in these attempting occasions, the Ministry of Labour and Employment mentioned it has been determined to accord high precedence to Covid-19 claims.
Stating the EPFO is dedicated to settling these claims inside three days of their receipt, the ministry mentioned the EPFO has for this deployed a system pushed auto-claim settlement course of in respect of all such members whose KYC necessities are full in all respects.
Auto-mode of settlement permits the EPFO to scale back the declare settlement cycle to simply three days as in opposition to the statutory requirement to settle the claims inside 20 days, the ministry added.
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