PF Money Alert! EPFO allows non-refundable advance withdrawal during coronavirus pandemic
The Union Labour and Employment Ministry has notified amendment to the Employees' Provident Funds (EPF) Scheme to allow withdrawal of non-refundable advance by the members in the event of COVID-19 pandemic.
The EPFO has directed its field offices to implement the amendment.
The notification GSR 225(E) amends the EPF Scheme 1952 to allow the withdrawal of non-refundable advance by EPF members in the wake of COVID-19 pandemic in the country.
The notification permits withdrawal not exceeding the basic wages and dearness allowance for three months or up to 75 per cent of the amount standing to member's credit in the EPF account in the event of pandemic.
The notification said, "COVID-19 has been declared pandemic by appropriate authorities for the entire country and, therefore, employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952, are eligible for the benefits of non-refundable advance.
"A sub-para(3) under para 68L has been inserted in the EPF scheme, 1952. The amended scheme Employees Provident Fund (Amendment) scheme, 2020, has come into force from March 28, 2020.
Following the notification, the EPFO issued directions to its field offices for promptly processing any applications received from the EPF members to help them fight the situation.
In its communication the EPFO has stated that officers and staff must process claims of the EPF subscribers promptly so that relief reaches the worker and his family to help them fight with COVID-19.
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