This is vital news if you are employed and have a PF account. Indeed, EPFO has closed the “Covid Advance Facility.” During the 2020 Corona pandemic, EPFO began offering PF account holders the option to receive early payments. This facility was established at that time with the growing number of Corona cases in mind, the necessity for funding for treatment, etc.
A week ago, the decision was made during the meeting.
A week ago, during a meeting, an EPFO official reportedly stated that this decision was made, as reported in the Economic Times. The officer added that there hasn’t been any notification yet about this. It is anticipated that a notification will be sent shortly. According to press reports, preparations are underway to turn off the non-refundable Covid advance clause. No shareholder will be eligible to apply under this facility after that.
This was a very late decision made by EPFO.
According to experts, consumers used Covid advance as superfluous spending in addition to medical care. Additionally, he disclosed that EPFO made this choice quite late. This has impacted the accessibility of funds with EPFO. No official confirmation has been made yet in this regard. Zee News does not confirm this. During the pandemic that shook the world in 2020, EPFO ​​had given its members the facility to withdraw advance money from their PF accounts.
This allowed for non-refundable
withdrawals up to 75% of the funds paid into the member’s EPF account, or three months’ worth of basic pay and dearness allowance, whichever was less. Let us inform you that under the EPFO, 12% of the base wage and dearness allowance must be contributed by the employer and the employee. Currently, the government offers 8.15 percent interest on funds placed with EPFO.
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