The move to allow a special withdrawal during the epidemic, which has led to financial stress, was first launched in March 2020 under Pradhan Mantri Garib Kalyan Yojana (PMGKY), a Covid-19 aid package
The Employees' Provident Fund Organization (EPFO), a state pension fund administrator, has allowed donors to withdraw Covid-19 non-refundable amounts to their savings, and secondly EPFO allows such assistance to continue due to the crisis, the official statement said. .
The move to allow special withdrawals during the epidemic, which has led to financial hardship, was first introduced in March 2020 under Pradhan Mantri Garib Kalyan Yojana (PMGKY), a Covid-19 aid package.
“Under this system, non-refundable deductions up to the base of a basic income and a couple allowance for three months or up to 75% of the amount owed by the member's debt to the EPF account, whichever is less, are provided. Members can also apply for a small fee, ”the statement said on Monday.
To process claims, EPFO has adopted a "private-paid claims system". EPFO members whose full "know your customer" needs can apply for immediate withdrawal.
The automatic defaults make the EPFO reduce the claim payment cycle to just three days compared to the official requirement for payment of claims within 20 days, the official said.
The center is mainly targeted at those with monthly salaries of less than, 000 15,000.
Official figures show, increasingly, the EPFO has settled more than 7.63 million Covid-19 in advance, removing ik 18,698.15 crore in total since the property was acquired.
"Prepayments and prices indicate that the people who were hired also had a big problem with rising costs, mainly due to Covid-19 treatment and inflation," said Piyush Baxi, an economist at the State Labor Institute in Bhubaneshwar.
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