New Delhi: With a view to assist the frequent man take care of well being emergencies owing to Covid-19 outbreak and the latest circumstances of ‘mucormycosis’ or black fungus circumstances rising throughout the nation, the Workers’ Provident Fund Organisation (EPFO) has now allowed its members to avail second non-refundable Covid-19 advance.
What does it imply?
EPFO members who’ve already availed the primary Covid-19 advance at the moment are allowed to use for the second advance as nicely. “The availability and course of for withdrawal of second Covid-19 advance is identical as within the case of first advance,” the Labour Ministry stated in an announcement. Additionally Learn:
The transfer has been thought of preserving in thoughts the pressing want of members for monetary assist in these making an attempt instances.
Launched in March 2020, beneath Pradhan Mantri Garib Kalyan Yojana (PMGKY), the availability for particular withdrawal was made to assist members meet their meet the monetary want throughout pandemic.
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How can members avail the advantages?
Beneath this provision, members can go for non-refundable withdrawal to the extent of the fundamental wages and dearness allowances for 3 months or as much as 75 per cent of the quantity standing to member’s credit score within the EPF account, whichever is much less, is supplied.
Members may also apply for lesser quantity as nicely. “The COVID-19 advance has been an awesome assist to the EPF members throughout the pandemic, particularly for these having month-to-month wages of lower than Rs. 15,000,” the ministry added.
As on date, EPFO has settled greater than 76.31 lakh Covid-19 advance claims thereby disbursing a complete of Rs. 18,698.15 crore.
How a lot will it take to settle such claims?
The EPFO stated it is going to settle these claims inside three days of their receipt. For this, EPFO has deployed a system pushed auto-claim settlement course of in respect of all such members whose KYC necessities is full in all respects. Auto-mode of settlement allows EPFO to cut back the declare settlement cycle to simply three days as in opposition to the statutory requirement to settle the claims inside 20 days, it added.
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