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EPFO News: If you are a subscriber of Employees Provident Fund Organization (EPFO), this is news for your use. According to media reports, EPFO has closed the Covid Advance Facility. Apart from this, EPFO has issued Standard Operating Procedure (SOP) for freezing and de-freezing of accounts. Let’s know the details.
Advanced feature off
In the middle of the corona epidemic in the year 2020 EPFO Allowed its subscribers to withdraw advance money from Employees Provident Fund (EPF) accounts. According to a report in Economic Times, this facility has now been closed. The report quoted sources as saying that no notification has been issued in this regard at present, but efforts are being made to disable the non-refundable Covid advance provision in the software, so that now account holders cannot apply for it. .
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SOP regarding account freeze
EPFO has issued SOPs for freezing and de-freezing accounts. Under this, the time limit for verification of frozen accounts has been restricted to 30 days. However, there is also an option to extend this deadline up to 14 days. This means that the account needs to be verified during this period.
The SOP document states that the first and most important function is to protect the capital of the account. It is important to stop any operation where fraudulent withdrawal or fraud is suspected.
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EPFO said that verification of MID/UAN and institutions is required to identify possible cases of suspicious accounts/transactions. Let us tell you that EPFO is providing social security benefits to more than 60 million i.e. 6 crore customers through three schemes – Employee Provident Fund Yojana, Employee Pension Yojana and Employee Deposit Linked Insurance Yojana.