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EPFO SETTLES 1.37 LAKH EPF WITHDRAWAL CLAIMS

Why in news?

Employees Provident Fund Organisation (EPFO) has processed about 1.37 lakh claims across the country disbursing an amount of Rs. 279.65 crore under a new provision especially formulated by amending the EPF Scheme to help subscribers fight COVID-19.

Details

  • The provision for a special withdrawal from the EPF Scheme to fight Covid-19 pandemic is part of the PMGKY scheme announced by the Government.
  • 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 member’s credit in the EPF account, whichever is less, is provided.
  • Anticipating the huge surge in the demand, EPFO came out with acompletely new software which has been developed from scratch and a receipt module for on-line receipt of the claims was introduced within 24 hours and deployed on 29th March 2020.
  • All cases with variation in date of birth up to three years are now being accepted by EPFO.

Employees Provident Fund Organisation (EPFO)

  • EPFO is a Statutory Body, formed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
  • EPFO is under Union Ministry of Labour & Employment.
  • The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country.
  • EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India.
  • It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis.
  • The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed.
  • The EPFO’s apex decision making body is the Central Boad of Trustees (CBT).
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September 2022
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