Earlier in March last year, the EPFO had provided the facility of withdrawing advance from their PF to crores of employees troubled by the Corona crisis. There will be no need to return this advance.
In view of the second wave of Corona, the Employees’ Provident Fund Organization (EPFO) has once again given relief to its crores of account holders. EPFO has provided the facility to withdraw advance funds from PF for the second time in view of the covid-19 epidemic.
It is worth noting that earlier in March last year, EPFO had facilitated the withdrawal of advances from its PF to millions of employees troubled by the corona crisis.
Easily remove online
Like last time, this time also the employees will be able to withdraw online advance money easily and they will not need to refund this advance. The amount he withdraws will be deducted from his PF balance.
In March last year, the EPFO started a scheme to give advance to the people for financial assistance under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). For this, the Ministry of Labor and Employment had to amend the Employees Provident Fund Scheme 1952 by the official gazette.
What is plan
Under the scheme, all employees holding an account in EPFO will be able to withdraw up to three months’ salary (basic plus DA) from their PF fund or up to 75% of the balance in the account (whichever is less) in advance. If anyone wants, he can withdraw less than this limit.
Last year, it gave a lot of relief to the employees. Especially those people took advantage of this whose monthly salary is less than Rs 15,000. EPFO had released a total amount of Rs 18,698.15 crore under such 76.31 lakh advance claim of covid-19. The good thing is that this claim is online and under this money often reaches the employees account within three days of the application being approved.
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