Employees’ Provident Fund Organisation (EPFO) is getting many complaints that account hoders are getting delay in credit of funds of COVID claims. Recently, EPFO started accepting a special Covid-19 withdrawal claim from account holders who need some extra cash during corona pandemic.
EPFO said that the claims are settled after the three working days of sending cheques to credit in the bank account of claimants. Normally, it takes only 1- 3 days to deposit funds.
However, In few cases, where IFSC codes are not updated in EPFO portal, Payments are being delayed. The EPFO has asked all account holders to update bank account number and IFSC immediately for credit of EPF accumulations under COVID-19 pandemic withdrawal claims.
“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.
In this situation of Coronavirus Pandemic, EPFO is providing a 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 member’s credit in the EPF account, whichever is less.