The Ministry of Labor, Government of India, has allowed six crore EPF Subscribers to withdraw funds equal to three months basic salary and dearness allowance from the PF account. This decision has been taken in view of the lockdown implemented for the fight against COVID-19. According to a statement issued by the Ministry of Labor, the Ministry issued a notification related to the amendment in the Employees Provident Fund Scheme 1952 on March 28. Finance Minister Nirmala Sitharaman announced this decision last week. She also announced several more relief measures to combat Coronavirus.
According to the notification issued by the Ministry regarding this matter, the employees can withdraw their three months basic salary and dearness allowance or whatever is less than 75 percent of the total amount deposited in their PF account. People will not need to deposit this amount in their PF account.
COVID-19 epidemic has been declared due to worldwide infection. In such a situation, employees of various companies and factories of the country can take advantage of this non-refundable advance. For this, in paragraph EPF scheme, 1952, sub-para (3) has been added below para 68 (L). The revised Employees Provident Fund (Amendment) Scheme, 2020 has come into force from the 28th of this month. Following this notification, Employees’ Provident Fund Organization (EPFO) has instructed all its field offices to process the withdrawal application on behalf of a member as soon as possible. Given the current conditions, these instructions have been given.
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