New Delhi, May 31 (PTI) The retirement fund management body EPFO has allowed a second withdrawal from the PF account with the intention of providing relief to its over five crore subscribers in view of the second wave of corona virus infection in the country. .
The Employees’ Provident Fund Organization (EPFO) early last year allowed its members to withdraw money to meet emergent needs due to the pandemic.
Under this, members have been allowed to withdraw three months’ basic salary (basic pay + dearness allowance) or up to 75 percent of the amount deposited in their provident fund account, whichever is less.
“In order to help its subscribers during the second wave of the COVID-19 pandemic, EPFO has allowed its members to take a second non-refundable COVID-19 advance,” the Labor Ministry said in a statement. ‘
The provision of special withdrawal under Pradhan Mantri Garib Kalyan Yojana (PMGKY) was made in March 2020 to meet the financial need of the members during the pandemic.
An amendment to this effect was made in the Employees’ Provident Fund Scheme, 1952.
Under this provision, the amount can be withdrawn to the extent of basic pay and dearness allowance (which is in the form of basic pay) for three months or up to 75 percent of the total amount of the member in the EPF account, whichever is less. No need to return.