Lost your job amid pandemic? You can avail non-refundable advance from EPF

Lost your job amid pandemic? You can avail non-refundable advance from EPF

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EPFO Advance&nbsp

New Delhi: Members of Employee Provident Fund (EPF) who have lost their jobs during the pandemic and have been unemployed for more than one month can avail non-refundable advance from their Provident Fund (PF) deposit. The Employees Provident Fund Organisation (EPFO) on its official Twitter handle has said that its members can avail an advance of up to 75% of the total amount that is available in the PF accounts of members. 

“This facility will financially help members during unemployment and will also enable them (members) to continue their pension membership, as their EPF account are not closed,” the retirement fund body mentioned in a Twitter post.

Amid the coronavirus pandemic, the government has taken many initiatives, in collaboration with the EPFO, to ensure that EPF members receive cash from their PF accounts. In this respect, the organization had earlier in May authorized its members to avail a 2nd non-refundable Covid-19 advance.

An EPFO member can avail non-refundable advance to the tune of 3 months basic salaries and dearness allowances or up to 75% of the sum remaining to member’s credit in the EPF account, whichever is smaller. Many EPFO members, particularly those in the lower salary bracket, have availed of this Covid-19 advance during the pandemic to meet their financial emergencies.

In another Twitter post, EPFO has said that if a member has not done his final withdrawal from EPF, then he/she can use the “Covid advance facility” even after leaving his job.

According to EPFO’s notice, if a PF account holder dies under any circumstance, such as Covid-19, his or her family would get a maximum of Rs 7 lakh as part of the Employee’s Deposit Linked Insurance (EDLI) Scheme. Previously, the highest amount given under EDLI was Rs 6 lakh and now it has been raised to Rs 7 lakh. The minimum amount that will be paid under EDLI is Rs 2.5 lakh.

Worth mentioning here is that to assist the families of Insured Persons (IP) under the ESIC plan, the Labour Ministry provided significant social security assistance to dependents of employees who died as a result of Covid-19. There are two benefits: compensation for a worker’s salary loss owing to Covid-19, and payment of expenditures for a departed worker’s final rites.

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