In a significant update for subscribers of the Employees Provident Fund Organization (EPFO), two major changes have been introduced. The facility to withdraw Covid advance funds has been discontinued, and a Standard Operating Procedure (SOP) has been issued for freezing and de-freezing PF accounts.

 

During the economic challenges posed by the COVID-19 pandemic, the government had provided employees with the option to withdraw COVID-19 Advance Money from their PF accounts. However, this facility has now been halted. Although no official notification has been released, steps are being taken to disable the non-refundable Covid advance provision in the software, preventing account holders from applying for it.

 

In addition to the cessation of the Covid-19 Advance Fund, EPFO has implemented a new rule regarding account freeze. An SOP has been issued to streamline the process of freezing and de-freezing accounts. The verification period for frozen accounts has been set at 30 days, with an option for extension by an additional 14 days. During this timeframe, it is mandatory to verify the account for either freezing or de-freezing.

 

The SOP aims to prevent fraud by ensuring the safety of funds in EPFO accounts. The document emphasizes that only the account holder, following verification, will have the authority to withdraw funds from the account.

 

EPFO has highlighted the necessity of MID or UAN and the verification of establishments to identify suspicious account transactions. As a vital institution overseeing Employee Provident Fund, PF, Pension, and Insurance Schemes, EPFO serves around 6 crore people nationwide. These policy changes signify EPFO's commitment to maintaining the security and integrity of subscriber accounts