Alert for EPFO Subscribers: Covid-19 withdrawal facility possibly ending soon, reports suggest

Updated : Dec 27, 2023 18:45
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Editorji News Desk

The Economic Times reported that the Employees' Provident Fund Organisation (EPFO) has ceased the Covid-19 withdrawal facility. Though no official notification has been released yet, this move indicates the end of a provision introduced during the pandemic.

Pandemic-Induced Measures
During the 2020 pandemic, EPFO permitted its members to avail two advances from their Employees' Provident Fund (EPF) accounts. This special withdrawal initiative was part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) to aid members facing financial hardships.

Withdrawal Provisions
As per the Ministry of Labour & Employment's amendment to the Employees’ Provident Funds Scheme in 1952, eligible members could access non-refundable withdrawal. They could withdraw an amount equivalent to three months' basic wages and dearness allowances or up to 75% of their EPF account's credit, whichever was lower.

EPFO's Member Growth in Oct
In October, EPFO recorded a notable increase in member additions, with 15.29 lakh new members joining, marking an 18.22% rise from the same period last year. The data, released on December 20, indicated a substantial rise in social security coverage, encompassing around 7.72 lakh new members in October 2023, a 6.07% increase year-on-year, according to the labour ministry statement.

EPFO

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