The Employees' Provident Fund Organisation EPFO has come forward to help people during the second wave of the COVID-19 pandemic and is now allowing its members to avail second COVID-19 advance from the retirement fund as a non-refundable advance. The provision for special withdrawal to meet the financial need of members during the pandemic was introduced in March 2020, under
Read more about Amid pandemic, EPFO allows members to avail second Covid advance on Business Standard. Decision taken in view of second wave of Covid-19 pandemic, says Union govt; EPFO says it is committed to settle these claims within three days of their receipt
: Monday, May 31, 2021, 7:15 PM IST
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EPFO has now allowed its members to avail second non-refundable COVID-19 advance, stated the Ministry of Labour and Employment. It stated this decision was taken to support its subscribers during the second wave of COVID-19 pandemic.
It was stated that members who have already availed of the first COVID-19 advance can now opt for a second advance also. These claims will be settled within three days of their receipt, the ministry. Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days.
India Business News: Retirement fund body EPFO has allowed its over five crore subscribers to avail the second Covid-19 advance in view of the second wave of the coronavir