How to get benefits from EPFO in 2020 amidst corona crisis?
EPFO disbursed Rs 946 crore in 15 days amid lockdown, you can also benefit from PF
The Employees' Provident Fund Organization (EPFO) has refunded Rs 946.49 crore to the subscriber, which was deposited in his own provident fund, after settling around 3.31 lakh claims in 15 days. This information has been given in a statement issued by the Ministry of Labor.
In order to ensure that people do not face any financial problems during the Corona crisis, EPFO has provided the facility to withdraw advance money from PF account. EPFO employees are providing services even during the lockdown.
Between corona lockdown, EPFO showed that special provision to remove the difficulties of 946 crore people from PF in 15 days
The Employees Provident Fund Organization (EPFO) has distributed about Rs 946 crore in the last 15 days to its subscribers, showing a lot of activity amid the lockdown. In fact, the EPFO has made special provision to allow people to withdraw from their PF amid lockdown.
Employees Provident Fund Organization (EPFO) has provided the facility to withdraw advance money from the PF account so that people do not face any economic problems during the Corona crisis. Tax is also not deducted on this amount withdrawn.
The EPFO has refunded Rs 946.49 crore to the subscriber, which was deposited in his own provident fund, after settling around 3.31 lakh claims in 15 days. This information has been given in a statement issued by the Ministry of Labor.
Not only this, but PF disbursement of Rs 284 crore has also been made by those PF trusts, who are allowed to operate without EPFO. These are operated under the EPF scheme.
The Labor Ministry said, 'EPFO is committed to serving its members during this crisis. Working from all the offices of EPFO even in the midst of this difficult situation, they are providing essential services.
The ministry said that this withdrawal is being done completely online and this is giving a lot of relief to the needy subscribers amid the lockdown.
You can withdraw up to 75 per cent of the balance in your PF account (both employee and employer share), or three months of salary (whichever is less). Significantly, last month, the Labor Ministry announced that in view of the Kovid-19 pandemic, making special provision to withdraw EPF subscribers 75% of their PF amount or equal to three months basic salary, whichever is less. Will be allowed
For this, on March 28, 2020, a notification was issued to the Employees Provident Fund Scheme 1952. This amount is being given as advance and there is no need to resubmit it to the employee.
How can Corona withdraw PF money, tax or not? Know the expert's opinion
Income tax will not be deducted on this withdrawal amount. In view of the need, EPFO is disposing of the claims immediately and once the investigation is done, the money usually comes to the applicant's bank account within 3 days.
You can also read some of the popular posts here :
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I hope you have enjoyed reading this article regarding How to get benefits from EPFO in 2020 amidst corona crisis. Announces 50 thousand crores for cash flow. If you like my work, please share it with your friends, family and relatives. You can also follow me on social media sites like Facebook and Instagram.
The Employees' Provident Fund Organization (EPFO) has refunded Rs 946.49 crore to the subscriber, which was deposited in his own provident fund, after settling around 3.31 lakh claims in 15 days. This information has been given in a statement issued by the Ministry of Labor.
In order to ensure that people do not face any financial problems during the Corona crisis, EPFO has provided the facility to withdraw advance money from PF account. EPFO employees are providing services even during the lockdown.
Between corona lockdown, EPFO showed that special provision to remove the difficulties of 946 crore people from PF in 15 days
The Employees Provident Fund Organization (EPFO) has distributed about Rs 946 crore in the last 15 days to its subscribers, showing a lot of activity amid the lockdown. In fact, the EPFO has made special provision to allow people to withdraw from their PF amid lockdown.
Employees Provident Fund Organization (EPFO) has provided the facility to withdraw advance money from the PF account so that people do not face any economic problems during the Corona crisis. Tax is also not deducted on this amount withdrawn.
3.31 lakh claims settled in 15 days
The EPFO has refunded Rs 946.49 crore to the subscriber, which was deposited in his own provident fund, after settling around 3.31 lakh claims in 15 days. This information has been given in a statement issued by the Ministry of Labor.
Not only this, but PF disbursement of Rs 284 crore has also been made by those PF trusts, who are allowed to operate without EPFO. These are operated under the EPF scheme.
The Labor Ministry said, 'EPFO is committed to serving its members during this crisis. Working from all the offices of EPFO even in the midst of this difficult situation, they are providing essential services.
The ministry said that this withdrawal is being done completely online and this is giving a lot of relief to the needy subscribers amid the lockdown.
How much money can come out?
You can withdraw up to 75 per cent of the balance in your PF account (both employee and employer share), or three months of salary (whichever is less). Significantly, last month, the Labor Ministry announced that in view of the Kovid-19 pandemic, making special provision to withdraw EPF subscribers 75% of their PF amount or equal to three months basic salary, whichever is less. Will be allowed
For this, on March 28, 2020, a notification was issued to the Employees Provident Fund Scheme 1952. This amount is being given as advance and there is no need to resubmit it to the employee.
How to withdraw money?
How can Corona withdraw PF money, tax or not? Know the expert's opinion
Income tax will not be deducted on this withdrawal amount. In view of the need, EPFO is disposing of the claims immediately and once the investigation is done, the money usually comes to the applicant's bank account within 3 days.
You can also read some of the popular posts here :
Why the renewal of Health Insurance policies are extended?
COVID19 Impact: Why GDP will go down?
Festival in India 2020
I hope you have enjoyed reading this article regarding How to get benefits from EPFO in 2020 amidst corona crisis. Announces 50 thousand crores for cash flow. If you like my work, please share it with your friends, family and relatives. You can also follow me on social media sites like Facebook and Instagram.
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