Mumbai, June 15: The Employees' Provident Fund Organization (EPFO) has announced a significant change affecting millions of EPF subscribers across India. With immediate effect, the organisation has decided to discontinue the COVID-19 advance facility, which was introduced to provide financial relief during the initial stages of the pandemic. This decision marks a shift in policy as the country adapts to evolving economic conditions and the waning impact of COVID-19.

Initially introduced as a non-refundable advance, the COVID-19 facility allowed eligible EPF members to withdraw funds equivalent to up to 75 per cent of their EPF balance or three months' basic wages and dearness allowances, whichever was lesser. This measure was part of EPFO's broader efforts to mitigate the financial hardships faced by individuals during the pandemic's onset. This decision impacts EPF subscribers who had utilised the COVID-19 advance, signalling a shift in focus towards normalising operations within the organisation. EPFO Fixes 8.25% Interest Rate on Employees’ Provident Fund for 2023-24: Reports.

EPFO Ends COVID-19 Advance Facility Immediately

According to an official statement, the decision to end the COVID-19 advance was based on the assessment that COVID-19 is no longer classified as a pandemic. The EPFO directive extends this discontinuation to exempted trusts under its purview, urging compliance across all jurisdictions. The COVID-19 scheme allowed eligible members to withdraw a non-refundable sum equivalent to three months' basic wages and dearness allowances or up to 75% of their EPF credit, whichever was lower. Provident Fund Members Can Now Update in Their Profile Data Online, Upload Relevant Prescribed Documents: EPFO.

How to Apply for a Claim Online:

To apply for an EPF withdrawal claim online, follow these steps:

  • Log In: Access the member interface using your UAN credentials.

  • Ensure Eligibility: Verify that your service tenure meets the withdrawal criteria and that your KYC details linked to UAN are up-to-date.

  • Select Claim Type: Choose the appropriate claim type (e.g., illness, education, marriage, housing).

  • Authenticate Details: Validate your information using the OTP sent to your registered mobile number linked with UIDAI.

  • Submit Form: Complete the submission of the online claim form.

In recent efforts to expedite claim settlements, EPFO has implemented an automated system for settlements up to Rs. 1 Lakh, significantly reducing processing times. This reform aligns with ongoing efforts by EPFO to streamline operations and enhance service delivery to its members. EPF remains a cornerstone of retirement planning in India, providing secure retirement benefits and facilitating seamless fund transfers between employers.

(The above story first appeared on LatestLY on Jun 15, 2024 08:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).