Over 9000 employees of Tata Consultancy Services(TCS) has withdrawn more than Rs. 43 crores from the EPF. This is due to the coronavirus pandemic. According to some company wise data, TCS ranks second in the number of withdraws done by people working in a company.
The EPFO also released a list of top 10 exempted establishments who withdrew their EPF money. According to the list, 7000 HCL employees withdrew around Rs.27 crore from their EPF accounts. At the top of the list, there is NLC, whose employees withdrew a total Rs. 84.4 crore. After NLC, it is TCS which withdrew the most with 43.3 crores. The other companies present in the list are Vishakapatnam Steel Plant (40.1 crores), NTPC (28.7 crores), Power Grid Corporation of India (26.1 crores), ONGC (24.2 crores).
In a statement, EPFO has said that it had processed around 1.37 lakh claims across the whole country. The amount distributed through these claims is around Rs.279.6 crores. This is accessed under a new provision to help the subscribers overcome the crisis situation.
According to this new rule, EPF subscribers can make a non-refundable withdrawal to the extent of basic salary and dearness allowances for a period of 3 months or up to 75% of the amount standing in the EPF account credit. People can choose between these two options.
The claims for taking an advance on the EPF account are being filed online, with the account to be KYC compliant. EPFO has said in a statement that they have relaxed the Data of Birth correction criteria to make the KYC easy to complete. Now EPFO will accept the date of birth of a person as per the data in the Aadhaar Card.
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