EPFO: You can now take out second Covid-19 advance out of your PF account

Amid the second wave of Covid-19 within the nation, EPFO has now allowed its members to avail second non-refundable COVID-19 advance.

The provision for particular withdrawal to satisfy the monetary want of members throughout pandemic was launched in March 2020, below Pradhan Mantri Garib Kalyan Yojana (PMGKY).

Under this provision, non-refundable withdrawal to the extent of the fundamental 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. Members can apply for lesser quantity additionally, the Labour ministry stated in a press release.

“The COVID-19 advance has been a great help to the EPF members during the pandemic, especially for those having monthly wages of less than Rs. 15,000,” it 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.

During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic lately. In such making an attempt occasions, EPFO endeavours to lend a serving to hand to its members by assembly their monetary wants. Members who’ve already availed the primary COVID-19 advance can now go for a second advance additionally. The provision and course of for withdrawal of second COVID-19 advance is identical as within the case of first advance.

Considering pressing want of members for monetary help in these making an attempt occasions, it has been determined to accord high precedence to COVID-19 claims. EPFO is dedicated 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 scale back the declare settlement cycle to simply 3 days as in opposition to the statutory requirement to settle the claims inside 20 days.

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