New Delhi, May 31 (MNN) The Employees Provident Fund Organisation has allowed its members to avail of the second non-refundable special COVID-19 advance to meet their financial needs during the pandemic.
The EPFO is committed to settle these claims within three days of their receipt, for which it has deployed a system-driven auto-claim settlement process in respect of all such members whose KYC requirements is complete in all respects.
Auto-mode of settlement enables the EPFO to reduce the claim settlement cycle to just three days as against the statutory requirement to settle the claims within 20 days.
The COVID-19 advance provision was introduced in March 2020 under the Pradhan Mantri Garib Kalyan Yojana after an amendment to this effect by the Ministry for Labour and Employment in the Employees’ Provident Funds Scheme, 1952 by inserting sub-para (3) under paragraph 68L, through a gazette notification.
Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing in member’s EPF account, whichever is less, is provided. The members can apply for lesser amounts also.
The Indian government said the COVID-19 advance has been a great help to the EPF members during the pandemic, especially for those with monthly wages less than Rs 15,000.
As of date, the EPFO has settled more than 76.31 lakh COVID-19 advance claims, thereby disbursing Rs 18,698.15 crore in total.
During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic recently.
In such trying times, the government said, the EPFO endeavours to lend a helping hand to its members by meeting their financial needs.
Members who have already availed the first COVID-19 advance can now opt for a second advance also. The process for withdrawal remains the same, with EPFO according top priority to COVID-19 claims.