‘Covid Advance Facility’ has been closed by EPFO. In the year 2020, during the Corona epidemic, the facility of taking advance money was started by EPFO for PF account holders. At that time, this facility was started keeping in mind the need of money for treatment etc. during the increasing cases of Corona.
The decision was taken in the meeting a week ago
According to the news published in Economic Times, an EPFO official said that this decision was taken in the meeting held a week ago. The officer also said that notification regarding this has not been issued yet. Its notification is expected to be issued in the coming time. It was reported in the news that preparations are being made to disable the non-refundable Covid advance provision. After this, no shareholder will be able to apply under this facility.
EPFO took this decision very late
Experts say that apart from treatment, people used the Covid advance as a form of unnecessary expenditure. He also told that this decision was taken very late by EPFO. This has affected the availability 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 account.
Under this, non-refundable withdrawal facility was given to the extent of three months’ basic pay and dearness allowance or up to 75 percent of the amount deposited in the member’s EPF account, whichever is less. Let us tell you that under EPFO, both the employee and the employer have to contribute 12 percent of the basic salary and dearness allowance. At present, 8.15 percent interest is being given by the government on the amount deposited in EPFO.
