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Coronavirus Crisis: 1.37 Lakh PF Withdrawal Claims Settled Within 10 Days

Coronavirus Crisis: 1.37 Lakh PF Withdrawal Claims Settled Within 10 Days

Coronavirus Impact: The authorities has allowed aspecial withdrawal from EPF beneath the PMGKY scheme

The Employees’ Provident Fund Organisation (EPFO) has processed about 1.37 lakh claims throughout the nation in lower than 10 days, the retirement fund physique mentioned on Friday, as India entered the 17th day of a 21-day countrywide lockdown imposed by the federal government to battle the unfold of the coronavirus pandemic. In an announcement, the EPFO mentioned it disbursed Rs 279.65 crore beneath a brand new provision specifically formulated to assist subscribers endure the COVID-19-induced lockdown.

All purposes that are absolutely compliant with the KYC or Know Your Customer norms are being processed in lower than 72 hours, the EPFO mentioned, and the remittances have began happening.

The complete variety of coronavirus circumstances in India has jumped to six,412 as of April 10 morning, in keeping with Union Health Ministry figures.

The authorities introduced the supply for a particular kind of withdrawal from the EPF Scheme beneath the Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme. It has amended the Employees’ Provident Fund (EPF) scheme to permit subscribers to withdraw non-refundable advance from their corpus to bear the brunt of the lethal coronavirus outbreak.

That enabled EPF members to withdraw as much as 75 per cent of the worker’s contribution to the corpus or the sum of primary wages and dearness allowance for a interval of three months.

Separately, the federal government this month issued revised directions to its subject places of work to facilitate the rectification of start information for provident fund (PF) subscribers. The retirement fund mandated that the date of start recorded in Aadhaar can be accepted as legitimate proof of date of start for the aim of rectification, offered the distinction between the 2 dates was lower than three years.

EPFO is the supplier of the Employees’ Provident Fund, a pension scheme for salaried individuals within the nation.

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