EPFO: Second COVID-19 Advance Special Withdrawal to meet the Financial need of Members

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The Ministry of Labour and Employment has issued a press release that now EPFO allows its members to avail second COVID-19  advance. The decision was taken in view of the second wave of COVID-19 pandemic.

To support its members due to COVID 19 pandemic (Second Wave), the EPFO has allowed its members to avail second non-refundable COVID-19 advance. This COVID-19 advance has been a great help to the members during the pandemic, especially for those having monthly wages of less than Rs. 15,000. As per the data available, EPFO has settled more than 76.31 lakh COVID-19 advance claims thereby disbursing a total of Rs. 18,698.15 crore.

Under this provision, withdrawal (non-refundable) to the extent of the basic wages and dearness allowances for three months or upto 75% of the amount standing to the members credit in the EPF account, whichever is less provided. Members can apply for the lesser amount also.

The ministry said that, Considering the urgent need of members for financial support in these trying times, it has been decided to accord top priority to COVID-19 claims. EPFO is committed to settle these claims within three days of their receipt. For this, EPFO has deployed a system-driven auto-claim settlement process in respect of all such members whose KYC requirements is complete in all respects. Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days.

The ministry also stated that During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic recently. In such trying times, EPFO endeavors to lend a helping hand to its members by meeting their financial needs. Members who have already availed the first COVID-19 advance can now opt for a second advance also. The provision and process for withdrawal of second COVID-19 advance is same as in the case of first advance.

To read the press release click here.

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