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New Delhi: The Employees Provident Fund Organization (EPFO) has allowed its members to take advantage of the second non-refundable Covid-19 Advance to help their clients during the second wave of the Covid-19 epidemic. A special withdrawal was made in March 2020 under the Prime Minister’s Welfare Scheme (PMGKY) to meet the financial needs of the members during the epidemic. Sub-paragraph (3) under paragraph L৮ was amended by the Ministry of Labor and Employment to include the Employees Provident Fund Scheme of 1952 by notification in the Official Gazette.
Under this provision, any lower, non-refundable withdrawal up to the limit of the basic salary and value-added allowance for three months or up to 5 per cent of the member’s deposit in the EPF account. Members can also apply for less. Kovid-19 has been a great help to EPF members during the advance epidemic, especially those whose monthly salary is less than Rs 15,000. Read more: EPFO interest rate 2021: EPFO announces big gift to crore crore PF account holders, interest rate at 7.50% – report
During the second wave of the Kovid-1p epidemic, ‘mucormicosis’ or black fungus has recently been declared an epidemic. At such a difficult time, EPFO members tried to help their members meet their financial needs. Members who have received the first Covid-19 advance can also opt for the second Covid-19 advance. Provisions and methods of the second Covid-19 advance are equal to the first advance.
Considering the need for financial assistance to members in times of crisis, it has been decided to give high priority to the Covid-19 claim. The EPFO is determined to settle the claim within three days of receipt. The EPFO has deployed a system-driven auto-claims settlement process to ensure that all member KYC requirements are met. The auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days instead of the statutory requirement to settle within 20 days. (Sincerely PIB)