scorecardresearch
Follow Us:
Wednesday, November 25, 2020

EPFO settles 3.31 lakh withdrawal claims worth Rs 950 crore in 15 days

In addition, Rs 284 crore have been distributed by the exempted PF Trusts under this scheme, notable among them being TCS, it added.

By: PTI | New Delhi | Updated: April 16, 2020 7:35:05 pm
epfo, epfo withdrawal, employee provident fund, india lockdown, indian express, coronavirus, covid 19, indian express The provision was notified on March 28, 2020, for special withdrawal from the EPF Scheme to tide over the COVID-19 pandemic.

Retirement fund body EPFO settled 3.31 lakh PF withdrawal claims worth around Rs 950 crore in last 15 days to give relief to the members during the lockdown.

The provision was notified on March 28, 2020, for special withdrawal from the EPF Scheme to tide over the COVID-19 pandemic, as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) package, has provided timely relief to the working class of the nation, a labour ministry statement said.

Since the introduction of this program, in just 15 days, Employees’ Provident Fund Organization (EPFO) has processed 3.31 lakh claims disbursing an amount of Rs 946.49 crores, the ministry said.

In addition, Rs 284 crore have been distributed by the exempted PF Trusts under this scheme, notable among them being TCS, it added.

Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member’s credit in the EPF account, whichever is less, is admissible.

The member can apply for lesser amount also. This being an advance, does not attract income tax deductions, it stated.

EPFO is committed to serve its members during this crisis, and its offices are functional to maintain the continuity of essential services even in difficult situations.

The availability of these facilities through online services has brought much relief to the needy subscribers during the lockdown period, coming to their rescue during these testing times, it added.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement