Heena Sharma Blog

Retirement fund body EPFO on Friday said it has settled 137,000 provident fund withdrawal claims worth Rs 280 crore to provide relief to subscribers during the lockdown. " Employees Provident Fund Organisation (EPFO) has processed about 137,000 claims across the country disbursing an amount of Rs 279.65 crore under a new provision especially formulated by amending the EPF Scheme to help subscribers fight Covid-19," a labour ministry statement said. According to the statement, remittances have already started taking place. EPFO has settled these claims in the past 10 days. The system as it stands today is processing all applications which are fully KYC (know your customer) compliant within less than 72 hours. Read More

Finance Minister Nirmala Sitharaman on March 26 announced Rs 1.7 trillion stimulus package to provide relief to the underprivileged, poor and migrant workers affected by a 21-day nationwide lockdown due to Covid-19 crisis . Among several other benefits, the FM also announced amendment in the EPFO regulation to allow employees withdraw up to 75 per cent of their corpus as non-refundable advance, or three months' basic salary, whichever is less. Now, the Employee Provident Fund Organisation (EPFO) has started taking withdrawal requests, and has also issued a circular on the frequently asked questions. Have a question? Here are the FAQs answered: Who is eligible for the advance from EPF to fight Covid-19 Pandemic? Any member of EPF Scheme, 1952 with UAN (Universal account number) employed in any establishment or factory covered under EPF & MP Act, 1952. Read More