EPFO Allows Its Members To Avail Second COVID-19 Advance

  • June 4, 2021
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  • Category: Blog_posts, News
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EPFO Allows Its Members To Avail Second COVID-19 Advance

The Ministry of Labour and Employments vide a Press Release dated 31st May 2021 has allowed members of EPFO to avail second non-refundable COVID-19 advance to support it’s subscribers amidst second wave of the pandemic. The provision for special withdrawal to meet the financial need of members during pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY) which provided 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. Further, EPFO has deployed a system driven auto claim settlement process in respect of all such members whose KYC requirements is complete in all respect. Auto-mode settlement enables EPFO to reduce the claim cycle to 3 days as against the statutory requirement to settle the claims within 20 days.

EPFO Allows Its Members To Avail Second COVID-19 Advance

 



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