The Employee Provident Fund Organization (EPFO) has granted its members who have been jobless for one month or more to avail non-refundable advance. Through its Twitter handle, EPFO stated that the members can benefit from an advance of up to 75% of the total amount that is accomplishable in their Provident Fund (PF) accounts. This service will support financial aid to members while they are jobless and will also grant them to reserve their pension membership because their EPF accounts are not discontinued.
Amidst the coronavirus pandemic, the administration has been doing everything obligatory, in co-operation with the EPFO, to assure that people receive their cash from PF accounts. In this respect, the establishment had earlier in May approved its members to get a 2nd non-refundable Covid-19 advance.
Earlier, the non-refundable withdrawal to the degree of basic salaries and dearness allowances would be approved for 3 months or up to 75% of the sum available to member’s credit in the EPF account, whichever one is smaller.
The COVID-19 advance has been of considerable help to EPF members throughout the epidemic, significantly for those with monthly earnings of less than Rs 15,000.
Other Updates by EPFO:
1)If the final EPF withdrawal remains incomplete, an EPF member may use the “Covid advance facility” even after exiting service.
2) As per EPFO’s notice, if a PF member expires under any reasons, such as Covid-19, his or her family would get a maximum of Rs 7 lakh as part of the Employees’ Deposit Linked Insurance (EDLI) Scheme. Earlier, the highest limit was fixed at Rs 6 lakh. It has now been escalated to Rs 7 lakh. The minimum amount has remained at Rs 2.5 lakh.
3) To help the families of Insured Persons (IP) under the ESIC plan, the Labour Ministry rendered significant social security assistance to dependents of employees who deceased as a result of Covid-19. There are two benefits: compensation for a worker’s salary loss owing to Covid-19, and payment of expenditures for a demised worker’s final rites.