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

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.