EPFO allows members to avail second COVID-19 advance

EPFO allows members to avail second COVID-19 advance

New Delhi: The members were allowed to withdraw three months basic wages (basic pay + dearness allowance) or up to 75 per cent of amount standing to their credit in their provident fund account, whichever is less.

”To support its subscribers during the second wave of COVID-19 pandemic, the EPFO has now allowed its members to avail second non-refundable COVID-19 advance,” a labour ministry statement said.

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), it said. An amendment to this effect was made by the Ministry of Labour & Employment in Employees’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) under paragraph 68L, through notification in the Official Gazette.

Under this provision, non-refundable withdrawal to the extent of the basic pay and dearness allowances (which forms basic wages) for three months or up to 75 per cent of the amount standing to member’s credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also.

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