9,000 TCS employees made EPF withdrawals due to COVID pandemic
TCS employees made EPF Amount Withdraw due to
TCS employees made EPF: Over 9,000 employees of IT major Tata Consultancy Services (TCS) withdrew quite ₹43 crores from their employees’ provident fund (EPF) account thanks to the Covid-19 pandemic. consistent with an inventory of company-wise highest EPF withdrawals after coronavirus lockdown, TCS employees ranked second.
The Employees Provident Fund Organisation (EPFO) has released an inventory of top 10 exempted establishments that made the foremost withdrawals amidst the Covid-19 pandemic.
The list also includes HCL Technologies where almost 7,000 employees withdrew ₹27 crores from their EPF accounts. NLC employees topped the list with ₹84.4 crore withdrawals, followed by TCS ( ₹43.3 crores). Others within the list are Visakhapatnam steel mill ( ₹40.1 crores), NTPC ( ₹28.7 crores), power system Corporation of India ( ₹26.2 crores), and Oil and gas Corporation ( ₹24.2 crores).
EPFO said it’s processed about 1.37 lakh claims across India disbursing an amount of ₹279.65 crores under a replacement provision especially formulated by amending the EPF Scheme to assist subscribers fight Covid-19.
EPFO has promised to settle all such COVID related claims in but 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 the essential salary and dearness allowances for 3 months or up to 75% of the quantity standing to member’s credit within the EPF account, whichever is a smaller amount .
The COVID-19 pandemic has posed a significant threat and considering the dire need of cash in these trying times, it’s been decided to process advance to fight COVID-19 pandemic on top priority.
“Claims for availing advance to fight pandemic are filed online, necessitating every EPF account to be KYC compliant as pre-cursor,” the provident fund body said.
“EPFO features a relaxed date of birth correction criteria to ease KYC compliance enabling submission of a claim to fight pandemic online. EPFO would accept the date of birth recorded within the Aadhaar card of a subscriber as a legitimate proof for rectification of the date of birth in PF records. All cases with variation within the date of birth up to 3 years are now being accepted by EPFO,” it said.