Categories: Payroll

PROVIDENT FUND ADVANCE TO FIGHT COVID -19 PANDEMIC

The Provision for a special withdrawal from the EPF scheme to face the COVID 19 pandemic is part of urgent notification introduced on 28^th March 2020 .The package has provided timely relief to the working class of the nation .

Under PMGKY scheme amount to the extent of 75 % of the amount standing to the member credit in EPF Account or 3 months of wages whichever is less is provided .

This being an advance does not attract Income Tax .Since the introduction of this scheme ,in just 15 days ,EPFO has settled 3.31 lakh claims disbursing an amount of Rs. 946.49 crores .

There is no manual signature required and the process is OTP based without any paper work .EPFO has relaxed date of birth correction criteria to ease KYC compliance enabling submission of of claim to fight pandemic online .EPFO would accept date of birth mentioned in Aadhaar card of subscriber as valid date of birth

Eligibility to file online claim for the purpose “Outbreak of pandemic (COVID-19)”

UAN should be activated.
Verified Aadhaar should be linked with UAN
Bank Account with IFSC code should be seeded with UAN

rasik

PROGRESSUS, a credible business agency specializing in Chartered Accountancy. CA. Rasik Goyal is Associate member of the Institute of Chartered Accountants of India (ICAI) having a rich experience 12 years of industry. He is having expertise in Accounts Payable, MIS, Budgeting, Costing, Investor Relation, Review of Internal Control, and Risk Assessment data, Business/Strategic Planning, Tax, Reporting & MIS.