On Friday, the Employees Provident Fund Organization (EPFO) said that it has settled 1.37 lakh withdrawal claims. The EPFO has given Rs 280 crore under this withdrawal. During the lockdown, EPFO successors have got a lot of relief from this. The Labor Ministry said in a statement, 'The Employees Provident Fund Organization (EPFO) has settled 1.37 lakh withdrawal claims from across the country and Rs 279.65 crore as part of a special provision for subscribers to fight the coronavirus.
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According to the official statement, money has already started sending to the subscribers' accounts. EPFO has settled these claims in the last 10 days. The current system is processing all applications whose KYC has been done in less than 72 hours. Subscribers who claim through the second category can also claim to fight this epidemic. However, it will depend on the status of their KYC. The Labor Ministry said that every possible effort is being made to ensure that the processing of the claim is done at the earliest.
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The provision of special withdrawal from EPF for the fight against Coronavirus is part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY), which was announced by the government. Para 68L (3) was added to the EPF scheme on 28 March 2020 and it was also notified immediately. The same, under this provision, withdrawal of three months basic salary and dearness allowance or 75 per cent amount deposited in EPF account, whichever is less. There is no need to refund this withdrawal amount. The EPFO subscriber can claim less than this amount. The ministry said that there will be no income tax deduction on this.
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