EPFO allows its members to avail second COVID-19 advance

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To support its subscribers during the second wave of the COVID-19 pandemic, the Employees' Provident Fund Organization (EPFO) has now allowed its members to avail themselves of a second non-refundable COVID-19 advance.

EPFO allows its members to avail second COVID-19 advance
To support its subscribers during the second wave of the COVID-19 pandemic, the Employees' Provident Fund Organization (EPFO) has now allowed its members to avail themselves of a second non-refundable COVID-19 advance.
Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 percent of the amount standing to member's credit in the EPF account, whichever is less, is provided. Members can apply for a lesser amount also.
"The provision for special withdrawal to meet the financial need of members during the pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY). An amendment to this effect was made by the Ministry of Labour and Employment in Employees’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) under paragraph 68L, through a notification in the Official Gazette," Press Information Bureau (PIB) mentioned in a release.
The COVID-19 advance has been a great help to the EPF members during the pandemic, PIB said, especially for those having monthly wages of less than Rs 15,000.
As on date, EPFO has settled more than 76.31 lakh COVID-19 advance claims thereby disbursing a total of Rs. 18,698.15 crore.
"During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic recently. In such trying times, EPFO endeavors to lend a helping hand to its members by meeting their financial needs. Members who have already availed of the first COVID-19 advance can now opt for a second advance also. The provision and process for withdrawal of the second COVID-19 advance are the same as in the case of the first advance," it mentioned.
According to PIB, EPFO is committed to settling these claims within three days of their receipt.
"For this, EPFO 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 EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days," the release said.

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