Non-refundable advance available for unemployed members: EPFO
For the members who have been unemployed for one month or more, the Employee Provident Fund Organization (EPFO) has made a non-refundable advance available. EPFO announced on Twitter that members can receive an advance of up to 75% of the total money available in their Provident Fund (PF) accounts.
For the members who have been unemployed for one month or more, the Employee Provident Fund Organization (EPFO) has made a non-refundable advance available. EPFO announced on Twitter that members can receive an advance of up to 75% of the total money available in their Provident Fund (PF) accounts. Moreover, this service will offer members considerable financial support when they are unemployed and will also allow them to keep their pension membership because their EPF accounts will not be closed.
During the coronavirus pandemic, the government has done all possible, in partnership with the EPFO, to ensure that people receive their money from their PF accounts. Therefore, the organisation approved its members to receive a second non-refundable Covid-19 advance earlier in May.
Earlier, a non-refundable withdrawal to the extent of basic salary and pension benefits allowances would be given for three months or up to 75 % of the balance left to the member's credit in the EPF account, whichever was less.
Throughout the pandemic, the COVID-19 advance has been of significant assistance to EPF members, particularly those with monthly wages of less than ₹15,000.
Additional EPFO Updates includes –
1) Even after leaving service, EPF members may use the "Covid advance facility" if the final EPF withdrawal has not been completed.
2) As per the EPFO notice, if a PF account holder passed away in any scenario, including COVID-19, his or her family will receive a maximum of ₹7 lakh under the Employees Deposit Linked Insurance (EDLI) Scheme. Earlier, the maximum barrier was ₹6 lakh. The amount has now been increased to ₹7 lakh. The minimum amount is still ₹2.5 lakh.
3) In order to support the families of Insured Persons (IP) under the ESIC plan, the Labour Ministry gave substantial social security aid to dependents of employees who died as a result of COVID-19. Notably, there are two types of benefits: a reimbursement for a worker's salary loss as a result of COVID-19, and payment of expenses for a deceased worker's final rites.