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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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