Amid the coronavirus pandemic, the retirement fund body Employees' Provident Fund Organisation (EPFO) has granted provision to allow withdrawal of funds from the fund balance to tackle liquidity crunch. Nonetheless, while the institution has received many such withdrawal request there has been received complaints regarding delay in their processing.
Time taken to process withdrawal claim
As per the entity the claim under the pandemic advance facility is processed within 3 days post which a cheque is sent to the bank for crediting to the EPF account holder. And this takes additionally 1-3 days time.
Reason for delay in processing of Pandemic Advance Facility
One of the reason cited by the organization for the delay in processing such withdrawal request is that the account number and the IFSC code of the concerned claimant is not linked or not updated in his or her EPFO portal. So likewise all such claimants have been asked to update these details in their individual EPFO account.
"Dear member, please ensure that your bank account remains valid and up to the date in the UAN. Whenever you want to update the bank account you can do so with the approval by the employer. Always check that the bank account as shown in your login profile is correct and the account is active for settlement into correct account. Incorrect and invalid bank account numbers including wrong IFS codes will lead to return of payments sent to bank," reads an EPFO advisory.
Update Bank Account Number & IFSC immediately for credit of EPF accumulations under COVID-19 pandemic withdrawal claims.#IndiaFightsCorona #CoronavirusOutbreak #SocialSecurity #StayHomeStaySafe pic.twitter.com/kGDgXKrHV1— EPFO (@socialepfo) April 30, 2020
Interestingly, under the facility non-refundable withdrawal to the tune of basic wages and dearness allowance for 3-months or up to 75% of the amount to the credit of the EPF subscriber whichever is less can be claimed for withdrawal.