For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

EPF Pandemic Advance: NLC, TCS, HCL Employees Make Top Withdrawals

|

The Ministry of Labour provided an update on Monday regarding the provision for a special withdrawal from the EPF Scheme as part of the Pradhan Mantri Gareeb Kalyan Yojna (PMGKY) meant to financially help those affected by COVID-19 pandemic.

 

Under the provision EPF subscribers are allowed to make non- refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 percent of the amount standing to the member's credit in their EPF account, whichever is less. The member can apply for a lesser amount as well.

EPF Pandemic Advance: NLC, TCS, HCL Employees Make Top Withdrawals

"It is heartening to report that the exempted PF trusts have also risen to the occasion amidst the COVID-19 pandemic. As on the forenoon of 17.04.2020, Rs. 481.63 crores (Rs. 481,63,76,714) have been disbursed to 40,826 PF Members as advance under para 68-L for COVID-19 by the exempted PF Trusts," the Ministry's statement said.

The Ministry also released data on the top 10 exempted establishments in terms of the amount disbursed for COVID-19 claims. Exempted establishments are companies that manage the EPF accounts of their employees on their own but as per guidelines issued by EPFO.

 

According to the data of the top 10 disbursers of EPF advance as on 17 April, over 40,000 employees of these exempted companies have applied for the advance to withdraw around Rs 480 crore.

Sl. No.Establishment NameNo. of Applications receivedNo. of claims settledAmount disbursed (Rs)
1Neyveli Lignite Corporation, Cuddalore3,2553,25584.44 crore
2Tata Consultancy Services, Mumbai9,3739,37343.34 crore
3VISAKHAPATNAM STEEL PLANT, Vizag1,7081,70840.99 crore
4NTPC Limited, Delhi92592528.74 crore
5HCL Technologies Ltd./Hindustan Instrument Ltd. Employees Provident Fund Trust, Gurgaon6,9384,41527.14 crore
6Power Grid Corporation of India, Delhi1,2631,08926.17 crore
7ONGC, Dehradun2,2971,72324.17 crore
8BHEL, RC Puram1,3671,19922.22 crore
9M/S BHEL, Bhopal1,75892616.42 crore
10Hindustan Petroleum Corp., Mumbai46146114.33 crore

Earlier on 16 April, the labour ministry said in an official statement said that 331,000 employees had withdrawn EPF advances worth Rs 946 crore under the scheme.

Story first published: Tuesday, April 21, 2020, 15:37 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X