Team Blitz India
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has shut down the Covid-19 withdrawal facility. This allowed its subscribers to take out a part of their retirement savings as Covid advances, the Economic Times reported.
Amid the 2020 pandemic that had jolted the entire world, EPFO allowed its members to opt for two advances from the Employees Provident Fund (EPF) account.
The provision for special withdrawal to meet the financial needs of members during the pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY).
An amendment to this effect was made by the Ministry of Labour & Employment in Employees’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) under paragraph 68L, through notification in the Official Gazette.
Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to the member’s credit in the EPF account, whichever was less, was provided.
