Post-lockdown, EPFO sees 8 million subscribers withdrawing Rs 30,000 crore

Chennai: Around eight million employees have withdrawn their savings under the Employees Provident Fund (EPF) between April and July, during the Covid-19 induced lockdown in the country.

According to reports, the provident fund, managed by the Employee Provident Fund Organisation (EPFO), contains the savings of nearly six crore people and has a corpus of Rs 10 lakh crore. From this, up to Rs 30,000 crore was withdrawn between April and July of 2020.

Officials said as jobs were shed, salaries were cut and medical expenses mounted across the country, a rise in the number of EPF withdrawals was seen that was much more than the usual outgo.

 

NT Bureau