Breaking India State Business Entertainment Biography Lifestyle

There may be problems withdrawing money from EPFO, this facility closed

Sagar Patel

By Sagar Patel

Published on:

EPFO stopped this important service

Every month, a certain amount is deducted from the salary of the employed persons and deposited in the Provident Fund of the Employees’ Provident Fund Organization (EPFO). While this amount helps secure your retirement, it also helps in tough times. Although there are rules for withdrawing money midway from the Provident Fund, in recent years the EPFO ​​had put in place an easy mechanism for the same, which has now been closed with immediate effect.

During the Covid-19 pandemic, EPFO ​​gave permission to people to withdraw up to 75 per cent of money from their provident fund for everything from treatment to meeting their essential expenses. Withdrawing money was very easy through this feature.

Covid-19 advanced facility closed

EPFO has decided to close the ‘Covid-19 Advancement Centre’ with immediate effect. This plan was a non-refundable retainer plan. This service was started to help EPF members in the initial phase of Covid-19, subsequently it was started in 2021 improving the service further. Then the second wave of Covid-19 was seen in the country.

The EPFO ​​has stated in a statement that there is no Covid-19 or epidemic now. Therefore, it has been decided to close this advance service (payment of money in advance) with immediate effect.

These people were benefiting

Thanks to this facility of EPFO, those people who needed money for their treatment or that of their family members during Covid-19 benefited a lot. At the same time, people who lost their jobs or jobs also received a lot of help from this center.

Under this service, EPF members could withdraw from their account their 3 months’ salary (Basic and Dearness Allowance) or up to 75% of the amount deposited in the fund, whichever is less. You did not have to deposit this amount in your EPF account.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

Related Post

Leave a comment

x