EPFO settles 1.37 lakh PF withdrawal claims worth around Rs 280 cr to ease lockdown woes

Ravi S Singh
Tribune News Service
New Delhi, April 10 

Employees Provident Fund Organisation (EPFO) has processed about 1.37 lakh claims across the country and disbursed an amount of Rs. 279.65 crore, under a new provision to help subscribers deal with COVID-19 challenge.

Underlining that the remittance of the money has already started, the Union Labour Ministry on Friday said that the system as it stands today is processing all applications which are fully KYC compliant within less than 72 hours.

Members, who have applied for claims in some other category, can also file a claim to fight the pandemic and depending upon the KYC compliance condition of each member.

The new provision was introduced by amending the EPF Scheme on March 28 on the heels of the announcement of national lockdown due to outbreak of COVID-19.

The provision for a special withdrawal from the EPF Scheme to fight COVID-19 pandemic is part of the PMGKY scheme.

Under it, 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 provided.

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

The Ministry said that the pandemic has posed a serious threat and considering the dire need of money in these trying times, it has been decided to process advance to fight COVID-19 pandemic on top priority.