EPF withdrawal rules modified amidst coronavirus crisis
The Government of India has issued a notification for amendment in the Employees Provident Fund Scheme, so that employees facing financial constraints during lockdown will be able to withdraw upto three months salary.
The Ministry of Labor and Employment said on Sunday that in view of the Corona virus ‘Covid-19’, a notification has been issued for amendment in the Employees Provident Fund Scheme 1952. Now the employees involved in the scheme will be able to withdraw an amount equal to their basic salary and dearness allowance for three months. They will not have to deposit this amount back. However, this amount is also a condition of not exceeding 75 percent of their total amount deposited in the scheme.
The ministry said that Covid-19 has been declared an pandemic, so all the employees across the country will get the benefit. The notification has come into effect from Saturday.
The Employees Provident Fund Organization has directed all its officers and employees to take prompt action on such withdrawal applications so that the applicants and their families can get timely assistance.
