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The Centre has amended the Employees Provident Funds Scheme of 1952 by allowing its subscribers for special withdrawal to meet the financial needs during the pandemic. This will help the subscribers avail themselves of a second non-refundable Covid 19 advance, the Union Labour Ministry said here on Monday.
The Ministry has added sub-para (3) under paragraph 68L of the scheme and has notified the amendments. “Under this provision, 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 member's credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also,” the Government release said.
Settlement of 7.6 million advance claims
The EPFO, according to the release, has settled more than 76.31 lakh Covid-19 advance claims and disbursed ₹18,698.15 crore so far. “Members who have already availed the first Covid 19 advance can now opt for a second advance also. The provision and process for withdrawal of second Covid 19 advance is same as in the case of first advance,” the Ministry release said.
The EPFO will also accord top priority to Covid-19 claims. “Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just three days as against the statutory requirement to settle the claims within 20 days,” the statement added.
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