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🚨 Big News from EPFO! Essential Service Shut Down, No More Money Withdrawals! 🚨 In a major development, EPFO has decided to end a critical service affecting around 7 crore subscribers. The PF Withdrawal Scheme, utilized by 2.2 crore people in the last 3 years, is now closed. This decision follows the conclusion of global COVID emergency protocols, as confirmed by the World Health Organization.
🌐 Why the Scheme was Special? EPFO, in a recent meeting, announced the closure of the COVID Advance Scheme, allowing subscribers to withdraw funds without specifying a reason. While an official notification is pending, the COVID Advance option is already disabled on the EPFO website.
🔔 What You Can Do Now? An official notification is expected soon, but as of now, EPFO subscribers cannot apply for withdrawals under this scheme. Stay tuned for updates!
🤔 Expert Opinion: Labor economist K.A.R. Shyam Sundar supports EPFO's decision, emphasizing that it should have been implemented earlier. The scheme, initiated to aid those affected during the pandemic, saw around 30% of subscribers benefiting. Closing it prevents further fund depletion, allowing EPFO to manage investments more effectively.
📈 Impact of the Scheme: Approximately 2.2 crore subscribers benefited from the PF Withdrawal Scheme during the COVID crisis, with a total withdrawal of ₹48,075.75 crore in three years. EPFO's financial report indicates the wisdom behind the decision.
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