The labor department has declared that EPFO to allow second Covid 19 advance withdrawal from their EPF accounts to meet the Covid 19 regarding financial emergencies. In the earlier days, only a one-time advance was accessible for members of EPF. The provision to extract cash from EPF accounts was first introduced the previous year in March 2020 under the PMGKY ( Pradhan Mantri Garib Kalyan Yojana). Additionally, EPFO permits its members to withdraw 2nd non-refundable advance of up to 3 months of basic wages. Also, 75% of the cash available in the EPF account whichever is less. In this article, we will discuss EPFO to allow a second Covid 19 advance withdrawal.
Decision
The decision has been announced by the Labour ministry due to the 2nd wave of the Coronavirus. Furthermore, black fungus or mucormycosis has been announced as the latest epidemic. In such time, the Employees Provident Fund Organization endeavors to give help to its members by meeting their finance requirements. EPF is the scheme to help employees during retirement so employers may apply for EPF Registration to get instant results.
Members who have availed of initial Coronavirus advance may now opt for 2nd advance as well. The process and provision for withdrawal of 2nd Coronavirus advance are similar in the case of 1st advance.
It has declared to agreement the highest priority to Coronavirus claims. Moreover, EPFO is committed to settling these Covid 19 claims within 3 days of their acceptance. So for this, the Employees Provident Fund has organized a system-driven auto declaration settlement process in respect of all members whose KYC needs are fulfilled in all respects.
With the addition of this, the Auto mode of arrangement enables Employees Provident Fund Organization to lessen the claim arrangement cycle to three days.
Further, Coronavirus advance has been a big help to the members of Employees Provident Fund during the Covid 19, especially for those who have a monthly salary of less than fifteen thousand rupees. Employees Provident Fund has settled larger than 76.31 lakh pandemic advance claims in that way disbursing a total Rs 18698.15 crore.
Final words
It is pretty clear that with the help of EPF Registration individuals may get tremendous benefits. As this Employees Provident Fund Organization allows withdrawing cash from Employees Provident Fund account doubles to meet pandemic situations.
In case, you need any kind of direction connected with the EPF Registration, please feel free to communicate with our business advisors at 8881-069-069.
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