The Employees’ Provident Fund Organization has decided to discontinue its COVID-19 advance facility with immediate effect. The scheme was introduced as a non-refundable advance to EPF members during the early days of the pandemic. Another advance was introduced later amidst the second wave of COVID-19 in 2021.
“As COVID-19 is no more a pandemic, the competent authority has decided to discontinue the said advance with immediate effect. This will be applicable to the exempted trusts also and accordingly may be intimated to all the Trusts coming under your respective jurisdictions,” read a statement from the organisation.
The COVID-19 scheme had allowed eligible individuals to secure a “non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to your credit in the EPF account — whichever is less”.
It is pertinent to note here that EPF subscribers can still seek an advance under other conditions — as long as their Universal Account Number is activated and the phone number linked to UAN is functional.
Meanwhile, a release from the Ministry of Labour and Employment indicated on Friday that EPFO would soon UAN-based single accounting system for each member and revamp its application to automate the process for faster settlement of claims. The remarks came soon after Labour Secretary Sumita Dawra chaired a review meeting on EPFO reforms in New Delhi.
EPFO has already implemented auto settlement of advances up to 1 Lakh for illness, education, marriage and housing. According to the Ministry statement, about 25 Lakhs advance claims have been settled on auto mode. This has increased claim settlement speed and a large number of them are now being settled within three days.
(With inputs from agencies)
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 14 Jun 2024, 04:52 PM IST