EPFO allows 2nd PF advance now

Keeping in view the raging second wave of the pandemic, the labour ministry on Monday said that the members of Employees’ Provident Fund Organisation (EPFO) can now avail a second nonrefundable advance from their EPF accounts. Earlier, there was only a one-time advance available for the EPF members.

The decision comes at a time when the second wave of the Covid-19 pandemic has made the financial position of many employees precarious and more difficult than the first wave.

“In such trying times, EPFO endeavours to lend a helping hand to its members by meeting their financial needs. The members, who have already availed of the first Covid19 advance, can now opt for a second advance also. The provision and process for the withdrawal of the second Covid-19 advance are the same as in the case of the first advance,” the ministry said in a statement. “Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member’s credit in the EPF account, whichever is less, is provided,” EPFO said.

“Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member’s credit in the EPF account, whichever is less, is provided. The members can apply for a lesser amount also,” it added.

“The Covid-19 advance has been a great help to the EPF members during the pandemic, especially for those having monthly wages of less than Rs

15,000. As on date, EPFO has settled more than

76.31 lakh Covid-19 advance claims thereby disbursing a total of `18,698.15 crore,” it added.