NEW DELHI: The Labour ministry on Sunday issued a notification to allow over six crore subscribers of the Employees’ Provident Fund Organisation to withdraw amounts from their PF account in view of the coronavirus pandemic.
According to the notification, a subscriber can withdraw an amount not exceeding his/her basic income and dearness allowance of three months. “Subscribers are permitted non-refundable withdrawal not exceeding the basic wages and dearness allowance for three months or up to 75 per cent of the amount standing to the credit of their EPF account, whichever is less,” the ministry said in a statement.
Meanwhile, the EPFO said that the online facility for claiming COVID-19 withdrawals was launched on Sunday. “The IT division of EPFO has devised a system of auto settlement of claims through our centralised server in respect of all such members whose KYC data is fully updated and compliant. It is going to be a paradigm shift in claim settlements where claims will be possible to settle within three days in EPFO,” a statement from the EPFO said.