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Finance

Coronavirus relief package: Employees can now withdraw up to 75% of EPF contribution

Updated : March 26, 2020 03:06 PM IST

This will benefit 80 lakh employees of nearly 4 lakh establishments, Sitharaman said.

Currently non refundable advances are permitted only for specified purposes such as housing, marriage etc.

Finance Minister Nirmala Sitharaman in a press conference on Thursday said EPFO subscriber can withdraw 75 percent of balance or 3 month wages as non-refundable advance, whichever is lower. This will benefit 80 lakh employees of nearly 4 lakh establishments, she said.

She also added that EPF share of employee’s contribution of 12 percent plus 12 percent of the employer’s contribution will be paid by the government for the next 3 months. The announcements come in the wake of the prevailing condition due to Covid-19 across the country.

Currently non refundable advances are permitted only for specified purposes such as housing, marriage etc. Even these are permitted where the employee has put in a minimum services period.

The announcement was welcomed by the industry experts.

"This proposal will help employees to tide over their liquidity issues," said Saraswathi Kasturirangan, Partner, Deloitte India.

Catch all updates from FM Sitharaman Nirmala press conference on economic package for COVID-19 slowdown.

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