EPFO settles withdrawal claims worth Rs279.65 cr

Tribune News Service

New Delhi, April 10

Employees Provident Fund Organisation (EPFO) has processed about 1.37 lakh EPF withdrawal claims across the country disbursing an amount of Rs279.65 crore under a new provision to help subscribers deal with Covid challenge.

Underlining that the remittances of the money have already started taking place, the Union Labour Ministry on Friday said the system as it stood that day was processing all applications which were fully KYC compliant within less than 72 hours.

Members, who have applied for claims in some other category, can also file claim to fight pandemic and depending upon the KYC compliance condition of each member, every effort is being made to settle claims at the earliest.

The new provision was rung in by amending the EPF Scheme on March 28 on the heels of announcement of national lockdown due to Covid outbreak.

The provision for a special withdrawal from the EPF Scheme to fight the epidemic 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 per cent 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 the pandemic had posed a serious threat and considering dire need of money in the trying times, it had been decided to process advance to fight the epidemic on top priority.