As lockdown continues, Indian government eases rules allowing withdrawals from EPF accounts

New Delhi: Indians are facing a financial crunch due to the lockdown imposed throughout the country for containing the spread of the Novel Coronavirus. Given the situation, the government has allowed the working class to withdraw funds from their Employees Provident Fund (EPFO), which comes as a significant relief for the millions of EPFO subscribers.

The Ministry of Labour and Employment has made necessary law amendments to enable the working class to withdraw funds from the EPFO accounts. As per the new clause, Indians can now withdraw 75% of their savings or up to three months of basic pay and dearness allowance from their EPFO account, whichever is less. Also, depositing the amount back in the account will not be mandatory for the subscriber.

The decision was made in the meeting convened on Sunday night, and a notification to that effect was issued. Anyone wishing to withdraw the amount would have to log in to the ‘Unified Number Portal’ and fill out the details to make a claim. The EPFO has instructed the regional authorities to take the necessary action regarding the applications on an expeditious basis.