Ministry of Finance has said that 16.1 lakh Employees’ Provident Fund Organisation (EPFO) members have availed the given benefit of online withdrawal of non-refundable advance from EPFO account.
Giving latest update on Pradhan Mantri Garib Kalyan Package, the Ministry of Finance has said that 16.1 lakh Employees’ Provident Fund Organisation (EPFO) members have availed the given benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 4,725 crore. The Ministry also informed that 24 per cent Employees’ Provident Fund (EPF) contribution has been transferred to 59.23 Lakh employees’ accounts.
The Ministry of Finance informed about the benefit being given to the EPFO subscribers and the EPF account holders under the Pradhan Mantri Garib Kalyan Package in a written statement and said, “16.1 Lakh members of EPFO has taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 4725 crore. 24 per cent EPF contribution transferred to 59.23 Lakh employees account amounting to Rs 895.09 crore.”
Sensing the monetary crisis that EPFO subscribers and EPF account holders might be facing during Coronavirus lockdown, the EPFO had announced some reliefs for its members that include allowing the EPF and EPS account holders to withdraw money from their EPF account during lockdown. The Narendra Modi Government announced that it will amend the EPF scheme regulation to include pandemic as the reason to allow the Employees’ Provident Fund Organization (EPFO) subscribers to withdraw non-refundable advance of upto 75 percent of the outstanding amount or 3 (three) months wages, whichever is lower. The Central Government also eased norms in regard to Aadhar-based e-sign for the process of EPF compliance.
