Showing posts with label PF Rule Change. Show all posts
Showing posts with label PF Rule Change. Show all posts

Tuesday, June 1, 2021

EPFO Members Can Withdraw Money Citing COVID-19

 : PF Rule Change : 

EPFO Members Can Withdraw Money Citing COVID-19










In a bid to help citizens amid the IInd Wave of novel coronavirus pandemic, the Employee Provident Fund Organization (EPFO) has allowed members to withdraw money from The Retirement Fund as a non-refundable advance. 


In March, 2020, the Central Government introduced a special provision under Pradhan Mantri Garib Kalyan Yojana (PMGKY) which would allow the EPF members to withdraw Basic Pay and Dearness Allowance (DA) of 3 Months or 75%  of their Provident Fund Money, whichever is lower as advance. Those who have already availed this service, can also apply for a 2nd advance, the Ministry said.


EPFO allows subscribers to withdraw non-refundable advance in certain cases like illness, buying a house etc. Now, individuals can withdraw money from their PF account, citing COVID-19 pandemic as a reason.


The EPFO will also settle COVID-19 claims within 3 days, the Ministry of Labour and Employment said . “Considering urgent need of members for financial support in these trying times, it has been decided to accord top priority to COVID-19 claims. EPFO is committed to settle these claims within 3 days of their receipt,” the statement mentioned.