Withdrawal in advance from Provident Fund approved

NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has, for the second time, allowed subscribers to withdraw a non-refundable advance from their savings due to the coronavirus pandemic.

The move will be implemented as a part of the Pradhan Mantri Garib Kalyan Yojana, a Covid-19 assitance package which was introduced in last March last year.

“Under this provision, a 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 to a member’s credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also,” a statement from the labour ministry said.

According to the statement, the EPFO has deployed a “system driven auto-claim settlement process” to process such claims. 

​The EPFO members, whose “know your customer” requirements are complete, can immediately apply for the withdrawals, the ministry statement added.