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NEW DELHI :
More than 9,000 IT Tata Consultancy Services (TCS) employees retired more than ₹Rs.43 crore from the Employee’s Provident Fund (EPF) account due to the Covid-19 pandemic. According to a list of the company’s highest EPF recalls after the coronavirus blockade, TCS employees ranked second.
The Employee Provident Fund Organization (EPFO) has released a list of the top 10 exempt establishments that made the most withdrawals amid the Covid-19 pandemic.
The list also includes HCL Technologies where nearly 7,000 employees retired. ₹Rs 27 million from his EPF accounts. NLC employees topped the list with ₹84.4 crore withdrawals, followed by TCS ( ₹Rs 43.3 million). Others on the list are Visakhapatnam Steel Plant ( ₹Rs 40.1 million), NTPC ( ₹Rs 28.7 million), Power Grid Corporation of India ( ₹Rs 26.2 million), and the Petroleum and Natural Gas Corporation ( ₹Rs 24.2 million).
EPFO said that it has processed around 1.37 lakh claims across India, disbursing an amount ₹Rs 279.65 million under a new provision specially formulated by modifying the EPF Scheme to help subscribers fight Covid-19.
EPFO has promised to resolve all Covid related claims in less than 72 hours if the applicant’s EPF account is fully KYC compliant.
Under this rule, EPF subscribers can take a non-refundable withdrawal to the extent of basic salary and cost allowances for three months or up to 75% of the member’s outstanding credit amount in the EPF account, whichever is less .
The COVID-19 pandemic has posed a serious threat and considering the dire need for money in these difficult times, it has been decided to process progress to combat the COVID-19 pandemic with the highest priority.
“Advance claims to fight the pandemic are filed online, requiring each EPF account to be a complaint by KYC as a precursor,” said the provident fund agency.
“EPFO has relaxed the birth date correction criteria to facilitate KYC compliance by allowing claims to combat the pandemic online. EPFO would accept the date of birth recorded on a subscriber’s Aadhaar card as proof Valid for rectification of birth date in PF records. All cases with variations in birth date of up to three years are being accepted by EPFO, “he said.
