The provision notified on 28th March 2020, for a 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.
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. In addition, Rs. 284 crore have been distributed by the exempted PF Trusts under this scheme, notable among them being TCS.
Pradhan Mantri Garib Kalyan Yojana (PMGKY)
Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% 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.
Now EPF Members can withdraw non refundable advance.
Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% 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.
Now EPF Members can withdraw non refundable advance.
EPFO is committed to serve its members during this crisis, and EPFO 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.
source: www.pib.gov.in
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