EPFO processes about 1.37 lakh claims, disburses Rs 279.65 Cr to help subscribers fight COVID-19
Employees Provident Fund Organization (EPFO) today said that it has processed about 1.37 lakh claims disbursing Rs 279.65 crore under a new provision to help subscribers in their fight against COVID-19.
Employees Provident Fund Organization (EPFO) today said that it has processed about 1.37 lakh claims disbursing Rs 279.65 crore under a new provision to help subscribers in their fight against COVID-19. This provision especially formulated by amending the EPF Scheme.
"Employees Provident Fund Organisation (EPFO) has processed about 1.37 lakh 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.
It also says, members who have applied for claims in some other category, can also file for claims to fight the pandemic and depending upon the KYC compliance condition of each member, every effort is being made to settle claims at the earliest, the ministry said.
The remittances of the money have already started taking place. The system as it stands today is processing all applications which are fully KYC compliant within less than 72 hours.
The provision for a special withdrawal from the EPF Scheme to fight COVID-19 pandemic is part of the Prime Minister's Garib Kalyan Yojana announced by the government. EPFO is also accepting the date of birth recorded in the Aadhaar card of a subscriber as a valid proof for rectification of the date of birth in PF records.
Under this provision, 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 deductions, the ministry said.