EPFO allows members to avail second Covid-19 advance

NEW DELHI: The gvernment on Monday said members of Employees’ Provident Fund Organisation EPFO have been permitted to withdraw a second non-refundable Covid-19 advance from the pension fund in the light of the economic impact of the second wave of coronavirus.
A provision for special withdrawal of EPFO funds was introduced by the government in March last year under the PM Garib Kalyan Yojana (PMGKY). The scheme, aimed at helping workers tide over the pandemic-induced financial difficulties, had allowed non-refundable withdrawal of funds to the extent of basic wages and dearness allowances for three months, or up to 75% of the amount standing to member's credit in the EPF account.
Labour ministry sources said the Covid-19 advance facility has been availed by nearly 76.31 lakh applicants and an advance of Rs 18,698.15 crore was released.
The government said members who have already availed the first Covid-19 advance will also be permitted to opt for a second advance and the process for withdrawal will be the same.
The ministry also said that it has accorded top priority to Covid-19 claims and EPFO has been directed to settle all Covid-19 related claims and requests for advance within three days of the receipt of such claims.
To facilitate prompt settlement, EPFO has also deployed a system driven auto-claim settlement process in respect of all members whose KYC requirements is complete in all respects. Auto-mode of settlement, the government said, has enabled EPFO to reduce the claim settlement cycle to 3 days as against the statutory requirement to settle the claims within 20 days.