EPFO Discontinues Covid-19 Advance With Immediate Effect: Here's What Change Now

The provision to withdraw money from EPF accounts was initially introduced in March 2020 under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
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EPFO Discontinues Covid-19 Advance With Immediate Effect: Here's What Change Now (Image Source: iStock)

The Employees' Provident Fund Organisation (EPFO) has announced the immediate discontinuation of the Covid-19 advance facility. This decision comes as the Covid-19 pandemic is no longer considered an active threat.

What EPFO Said In A Circular?

According to an EPFO circular dated June 12, 2024, "As Covid-19 is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect. This will apply to the exempted trusts as well, and all Trusts under your jurisdictions should be informed accordingly."

What EPFO Introduced During Covid-19?

During the pandemic, EPFO provided non-refundable advances to its members to help them cope with financial difficulties during the first and second waves of Covid-19. The second wave advance was available from May 31, 2021.

Provision Of Withdrawing MOney From EPF Accounts

The provision to withdraw money from EPF accounts was initially introduced in March 2020 under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
Announcement Of 2nd Non-Refundable Advance
In June 2021, the Labour Ministry announced that EPF members could avail a second non-refundable advance to meet Covid-19 related financial emergencies.
What Was The Initial Rule?
Initially, only a one-time advance was available.
EPF Account Withdrawal Rules
EPFO allows members to withdraw a non-refundable amount of up to three months' basic wages and dearness allowance, or 75 per cent of the amount available in the EPF account, whichever is less. Members can also choose to withdraw lesser amounts if needed.
EPFO Claim
For claims related to housing, marriage, and education, EPFO has implemented an auto-mode settlement system.
Covid-19 Advance Withdrawal Details
Under the Covid-19 facility, members could withdraw up to three months' worth of basic pay and dearness allowances, or up to 75 per cent of the balance in their EPF account, whichever was less. This included the employee's portion, employer's contribution, and interest.
Which Documents Required To Avail This Benefit?
No certificates or documentation were required from either the individual or their employer to receive this benefit.
End of Article
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