More than 60 million members of the Employees’ Provident Fund Organisation (EPFO) can now withdraw non-refundable advance from their account in view of the lockdown to fight the coronavirus disease.
The Union ministry of labour has said in a statement that it has issued a notification on March 28 to amend the Employees’ Provident Fund Scheme, 1952, to allow members to withdraw an amount not exceeding their three months basic pay and dearness allowance (DA).
The notification permitted non-refundable withdrawal not exceeding the basic wages and dearness allowance for three months or up to 75% of the amount standing to the credit of their EPF account, whichever is less.
“COVID-19 has been declared a 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,” it said.
“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,” it said.
{{/usCountry}}“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,” it said.
{{/usCountry}}The retirement fund body has directed its offices to promptly process any application for withdrawal by EPF subscribers so that relief reaches the workers and their family.