9,000 TCS workers withdraw EPF because of Covid epidemic

by Jeremy Spirogis
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new Delhi: More than 9,000 workers of IT main Tata Consultancy Services (TCS) withdrew greater than Rs 43 crore from their workers' Provident Fund (EPF) account as a result of Kovid-19 epidemic. According to a listing of company-wise highest EPF withdrawals after coronovirus lockdown, TCS workers ranked second. <! –


The Employees Provident Fund Organization (EPFO) has launched a listing of the highest 10 exempted institutions which have made essentially the most withdrawals among the many Kovid-19 epidemic.

This listing additionally contains HCL Technologies, the place about 7,000 workers withdrew Rs 27 crore from their EPF accounts. NLC workers topped out with a withdrawal of Rs 84.four crore, adopted by TCS (Rs 43.three crore). Others on the listing are Visakhapatnam Steel Plant (Rs 40.1 crore), NTPC (Rs 28.7 crore), Power Grid Corporation of India (Rs 26.2 crore), and Oil and Natural Gas Corporation (Rs 24.2 crore).

The EPFO ​​stated that it has processed round 1.37 lakh claims throughout India, paying a sum of Rs 279.65 crore below a brand new provision, particularly within the EPF scheme to assist prospects combat Kovid-19 By making amends.

The EPFO ​​has promised to settle all such Kovid associated claims in lower than 72 hours if the EPF account of the applicant is totally KYC compliant.

Under this rule, EPF subscribers can withdraw non-refundable as much as the restrict of fundamental wage and dearness allowance for 3 months, and as much as 75% of the quantity standing to the credit score of the member within the EPF account, whichever is much less.

The COVID-19 pandemic poses a severe risk, and given the dire want for funding on the time of those efforts, an advance course of to combat the COVID-19 pandemic has been selected prime precedence.

The provident fund physique stated, "In order to fight the epidemic, advance claims are filed online, requiring each EPF account to be pre-cursory in the form of a KYC complaint."

"EPFO has relaxed date of birth reform norms to ease KYC compliance, capable of presenting claims to fight epidemics. EPFO, recorded in customer's Aadhaar card as valid proof for birth date improvement in PF Will accept the date of birth. " Records. All instances of variation in start date as much as three years at the moment are being accepted by EPFO.

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