New Delhi: 279.65 crore under a provision made specifically by the Employees Provident Fund Organization (EPFO), a statutory body under the Union Ministry of Labor and Employment, to amend the EPF scheme to help subscribers fight the coronavirus. Nearly the claims have been settled across the country distributing amount of Rs. 1.37 lakh.
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Presently this system is disposing of all the applications which fully meet the KYC conditions within 72 hours. Members who have applied for claims in any other category can also submit their claims to fight the epidemic and efforts are being made to settle their claims at the earliest as per the KYC status of each member. The provision of special withdrawal from the EPF scheme to fight the coronavirus epidemic is a part of the government-announced PMGKY scheme and in this case immediately issued a notification to formulate a para L (3) of the EPF scheme on March 28, 2020. has been done.
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Under this provision, non-refundable withdrawals up to a limit of basic salary and dearness allowance for 3 months or up to 75 percent of the amount credited to the member's credit in EPF account are provided, whichever is less. Members can also submit applications for lesser amount. Due to the advance, income tax is not deducted on it.
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