Unemployed Indians Can Withdraw 75% Provident Fund Immediately; Rs 7 Lakh Insurance Cover Confirmed
PF members who have been unemployed for one month or more have been allowed by the Employee Provident Fund Organization (EPFO) to avail non-refundable advance.
75% PF Can Be Withdrawn Immediately
An advance upto 75% of the total amount that is available in their Provident Fund (PF) accounts can be availed, said EPFO.
This is to provide financial assistance to those members who are currently unemployed. This shall also help them to retain their pension membership because their EPF accounts are not terminated.
To guarantee that individuals receive their cash from PF accounts, especially in the coronavirus pandemic, the government has been doing everything necessary, in collaboration with the EPFO.
The members were authorized to get a 2nd non-refundable Covid-19 advance by the organization.
?revi?usly, the n?n-refund?ble withdr?w?l t? the degree ?f b?si? s?l?ries ?nd de?rness ?ll?w?n?es w?uld be gr?nted f?r 3 m?nths ?r u? t? 75% ?f the sum rem?ining t? member’s ?redit in the E?F ????unt, whi?hever ?ne is sm?ller.
Especially for those members who earn less th?n Rs 15,000, this ?dv?n?e h?s been ?f ??nsider?ble ?ssist?n?e.
Other Updates by EPFO:
1) If the final EPF release is not completed, the EPF member can use the “Covid development center” even if it has stopped working.
2) According to the EPFO ??notice, if a PF account holder dies under any circumstances, such as Covid-19, his family will receive Rs 7 lakh as part of the Employee’s Deposit Linked Insurance Scheme (EDLI) Scheme. Previously, the highest bar was set at Rs 6 lakh. It has now been upgraded to Rs 7 lakh. The minimum price remains at Rs 2.5 lakh.
3) To assist the families of Insured Persons (IPs) under the ESIC program, the Department of Labor provided essential social security assistance to people who were dependent on employees who died as a result of Covid-19. There are two benefits: compensation for the loss of an employee’s salary as a result of Covid-19, as well as the payment of the costs of the late employment practices.