EPFO allows members second Covid-19 advance withdrawal

The move to allow special withdrawals during the pandemic, which has led to financial distress, was first introduced in March 2020 under Pradhan Mantri Garib Kalyan Yojana, a Covid-19 aid package.

The Employees’ Provident Fund Organisation (EPFO), the state-run pension fund manager, has permitted contributors to withdraw a non-refundable Covid-19 advance from their savings, the second time it has allowed such a relief measure due to the ongoing pandemic, the labour ministry said in a statement.

EPFO has at least 50 million subscribers. (HT File Photo)

The move to allow special withdrawals during the pandemic, which has led to financial distress, was first introduced in March 2020 under Pradhan Mantri Garib Kalyan Yojana, a Covid-19 aid package.

Official figures show, cumulatively, that EPFO has settled more than 7.63 million Covid-19 advance claims, disbursing ₹18,698.15 crore in all since the facility was made available. EPFO has at least 50 million subscribers.