In a major development, the labour ministry under the PM Narendra Modi-led government has allowed over 6 crore subscribers of retirement fund body EPFO to withdraw an amount from their EPF account in view of the lockdown to fight COVID-19.
But there is one condition – Amount should not exceed your three months basic pay and dearness allowance.
The ministry has issued a notification in this regard on March 28, 2020 to amend the Employees’ Provident Fund Scheme 1952, a labour ministry statement said. The decision is taken in view of lockdown across the country to fight COVID-19.
What EPFO notification says?
The notification permitted non-refundable withdrawal not exceeding the basic wages and dearness allowance for three months or up to 75 per cent of the amount standing to the credit of their EPF account, which ever is less, the ministry said.
The COVID-19 has been declared pandemic and therefore employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952 are eligible for the benefits of non-refundable advance……Read More>>