For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Delay In EPFO Pandemic Withdrawal Claim Processing: Here's Why

|

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.

Delay In EPFO Pandemic Withdrawal Claim Processing: Here's Why
 

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.

 

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.

GoodReturns.in

Read more about: epfo epf
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
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more