PF COVID ADVANCE
Non-refundable Covid advance no longer available under EPFO
According to an EPFO circular dated June 12, since Covid is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect and this would be applicable to even exempted establishments.
EPFO retires Covid advance facility, move may impact consumption
According to experts, the move may impact consumption as much of the Covid advance was being used for discretionary purchases and other expenses. They also opined that the decision has come too late and that it had impacted the availability of funds at EPFO's disposal.
EPFO disburses Rs 48,000 crore Covid advance to over 22 million subscribers in 3 years
As per the draft Annual Report 2022-23, EPFO disbursed Rs 17,106.17 crore in 2020-21 benefitting 6.92 million beneficiaries, Rs 19.126.29 crore in 2021-22 to 9.16 million beneficiaries and Rs 11,843.23 crore to 6.20 million beneficiaries in 2022-23.
What is EPF scheme and how to calculate PF balance?
The Employees' Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. Under the scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer.
How to withdraw money twice from EPF account for coronavirus emergencies
The provision to withdraw money from EPF accounts was first announced last year in March 2020 under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
How to withdraw EPF money using Umang app?
The Umang app is one of the routes an Employees’ Provident Fund (EPF) member can take to withdraw money from their PF account.
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Facing money crunch due to covid? You can withdraw from your EPF account
According to the amended rules, a member can withdraw an amount equal to three months of basic salary and dearness allowance (DA) or 75 per cent of the credit balance in the account, whichever is lower for them.
US nod in Hand, Pfizer is looking for partners to make Covid drug in India
The company has begun investing $1 billion, at risk, in the manufacture of its potential Covid-19 oral antiviral drug with the goal of making treatment courses available as quickly as possible, pending authorisation.
EPF withdrawal: How to file Covid-19 claim using Umang app
You can get a non-refundable withdrawal up to three months' worth of basic pay and dearness allowances, or up to 75 percent of the balance in your EPF account, whichever is less.
EPF withdrawal due to coronavirus: 20 questions answered by EPFO
EPFO has issued the set of FAQs to help the employees who want to withdraw money from their EPF account to meet the financial emergency induced by the novel coronavirus-induced lockdown. The FAQs deal with the 20 questions usually asked by the employees.
EPFO allows withdrawing money from EPF account twice to meet coronavirus emergency
The provision to withdraw money from EPF accounts was first announced last year in March 2020 under Pradhan Mantri Garib Kalyan Yojana (PMGKY). Earlier, only a one-time advance was available for EPF members.
Hardships faced by salaried people: 35 million workers tapped provident fund accounts since April 2020
These 35 million workers together withdrew Rs 1.25 lakh crore from their provident fund accounts. The amount includes settlements against provident fund, pension, death insurance and even transfers. The total claims settled by EPFO in FY19 stood at Rs 81,200 crore to 16.37 million subscribers. The data for FY20 is not available.
EPFO settles 60.88 lakh COVID-19 advance claims, releases Rs 15,255 crore till Jan 31
The EPFO has settled 60.88 lakh COVID-19 withdrawal claims and disbursed Rs 15,255.95 crore to subscribers during the pandemic till January 31, 2021, Labour Minister Santosh Gangwar said in a written reply in the Lok Sabha.
EPFO settled close to 150 lakh claims during this fiscal, disbursing over Rs five lakh crore
As per the statement, EPFO has settled 47.58 lakh COVID-19 advance claims till October 31, 2020, disbursing an amount of Rs 12,220.26 crores to claimants while a total of 149.31 lakh final settlement have been made amounting of Rs 55,900.88 crores to PF members till October 21, 2020.
EPFO settles 94.41 lakh claims worth Rs 35,445 cr during April-August
Retirement fund body EPFO has settled 94.41 lakh claims totalling Rs 35,445 crore during April-August despite COVID-19 related restrictions, an official statement said on Tuesday.
EPFO withdrawals during April-July hit Rs 30,000 cr as 8 mn dig into retirement fund
EPFO officials told ET the amount withdrawn between April and the third week of July is much more than the usual outgo seen over similar periods, and that pandemic-related job losses, salary cuts and medical expenses explain this substantial increase.
EPFO may slash FY20’s interest rate; payout of 8.5% unlikely as PF contributions fall
EPFO may cut 8.5% rate declared for FY20 because of declining return on investments and cash flow.
I left my job and work as a consultant now. If I withdraw my PF, will it be taxable?
"The law states that any amount withdrawn from a recognised provident fund is exempt in the hands of the employee if the employee renders continuous service for 5 years or more."
12 lakh EPFO members withdraw Rs 3,360 cr retirement savings during lockdown: FM
Earlier, on March 28, the EPFO allowed formal sector workers to withdraw a non-refundable advance from their retirement savings to deal with the hardships due to the lockdown.
Covid-19: Revival of economy through tax measures
The government (GoI) has so far been very supportive and empathetic towards businesses and was quick to respond through delayed application of few amendments introduced in Finance Act 2020 (FA 2020) along with relief measures on various tax and other statutory compliances announced subsequently.
8.2 lakh workers dip into retirement savings to survive in lockdown
Claims settlement involves disbursal of total amount of Rs 4,684.52 crore which includes Rs 2,367.65 crore COVID claims under the PMGKY package. The exempted private PF trusts have also risen to the occasion amidst the COVID-19 pandemic.
Exempted PF trusts disburse over Rs 481 crore under PM Garib Kalyan Yojana
Under the scheme, notified on March 28, members can avail non- refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to the member’s credit in the EPF account, whichever is less, to tide ove the financial crisis emerging out of COVID-19.
3.31 lakh PF withdrawal claims processed in 15 days: EPFO
Government had notified the special withdrawal provision from the EPF Scheme on March 28 to tide over the COVID-19 pandemic as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) package.
EPFO settles 1.37 lakh PF withdrawal claims worth around Rs 280 cr to ease lockdown woes
The system as it stands today is processing all applications which are fully KYC (know your customer) compliant within less than 72 hours.
EPFO to accept Aadhaar as birth proof online from subscribers
EPFO has instructed field offices to expedite disposal of online requests, enabling PF members in financial distress, to apply online for availing non refundable advance from their provident fund accumulations to tide over the COVID-19 pandemic.
Big announcement for EPFO subscribers under PM Gareeb Kalyan Scheme, govt will pay workers' PF for 3 months
This will be applicable for establishments with up to 100 employees, where 90% of employees drawing less than Rs 15,000 salary. Benefiting 4.8 crore employees the govt also amended EPFO regulations to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.
NRAI writes to FM; seeks financial bailout package; restoration of input tax credit, deferment of advance tax payments
The letter requests total and immediate deferment of statutory dues inclusive of GST, advance tax payments, PF, customs duties at the central government level and state excise, renewal of liquor licenses, and VAT at the state level for a period of twelve months.
Covid-19: EPFO urges its subscribers to avail various services online
"In view of government of India guidelines to contain spreading of COVID-19, Employees’ Provident Fund Organization (EPFO) advises it members, pensioners and employers to avail various online services offered by EPFO, from the comfort of their homes, and to avoid visiting EPFO offices," the Employees Provident Fund Organisation said in a statement on Friday.
Coronavirus: Retailers seek 3 months grace period for paying statutory dues
The Retailer Association of India (RAI) has asked the govt to help the industry cope with the detrimental effects on their business amid the virus pandemic. "Allow us 90 days of grace period for depositing all statutory dues, like Income Tax, Advance Tax, GST, ESIC, PF etc. for payments falling due between March 1 and June 30, 2020," RAI said in its representation to the govt.
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