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EPFO settles over 1.37 lakh COVID-19 claims

By The Assam Tribune
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GUWAHATI, April 16 - Anticipating the huge surge in the demand for withdrawal from the EPF Scheme to fight the Covid-19 pandemic, EPFO has come out with a completely new software and a receipt module for online receipt of claims, according to a press release issued here.

The application was required to be in paperless form to curtail any physical movement in view of the ongoing social distancing. It was decided to introduce a system of settling claims in auto mode directly by the system in respect of all such members whose KYC requirements were complete in all respects.

The provision for special withdrawal from the EPF Scheme to fight the Covid-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme. Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to a member�s credit in the EPF account, whichever is less, is provided. The member can apply for a lesser amount also. This being an advance, does not attract income tax deductions.

Since introduction of this programme, EPFO across the country has processed about 1.37 lakh claims disbursing an amount of Rs 279.65 crore. All applications which are fully KYC compliant are processed in less than 72 hours. Members, who have applied for claims in some other category, can also file claims to fight the pandemic and depending upon the KYC compliance condition of each member, every effort is being made to settle claims at the earliest, the press release added.

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EPFO settles over 1.37 lakh COVID-19 claims

GUWAHATI, April 16 - Anticipating the huge surge in the demand for withdrawal from the EPF Scheme to fight the Covid-19 pandemic, EPFO has come out with a completely new software and a receipt module for online receipt of claims, according to a press release issued here.

The application was required to be in paperless form to curtail any physical movement in view of the ongoing social distancing. It was decided to introduce a system of settling claims in auto mode directly by the system in respect of all such members whose KYC requirements were complete in all respects.

The provision for special withdrawal from the EPF Scheme to fight the Covid-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme. Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to a member�s credit in the EPF account, whichever is less, is provided. The member can apply for a lesser amount also. This being an advance, does not attract income tax deductions.

Since introduction of this programme, EPFO across the country has processed about 1.37 lakh claims disbursing an amount of Rs 279.65 crore. All applications which are fully KYC compliant are processed in less than 72 hours. Members, who have applied for claims in some other category, can also file claims to fight the pandemic and depending upon the KYC compliance condition of each member, every effort is being made to settle claims at the earliest, the press release added.

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