People have withdrawn 30,000 crores from PF during lockdown

Jul 28 2020 03:48 PM
People have withdrawn 30,000 crores from PF during lockdown

New Delhi: Provident Fund (PF) has proved to be a great support for the people facing an economic crisis due to the crisis of Corona epidemic. This is the reason that people have withdrawn a total of Rs 30,000 crore from the PF during the lockdown and subsequent periods. Amid Corona crisis, lakhs of people became unemployed. The job of millions of people is gone.

To give relief to the people from the huge problems, the Employees Provident Fund Organization (EPFO) has provided the facility to the people to withdraw some part of their PF. After the lockdown, Union Finance Minister Nirmala Sitharaman announced a special COVID window for withdrawal of PF. Troubled people took advantage of this facility. The facility of extracting PF for medical etc. needs was already in place. The EPFO for Corona also kept the process of extracting PF extremely simple. It was online and within three-four days of being approved, money would reach the people's account.

According to ET's report, from April to July, 80 lakh people have withdrawn 30 thousand crores from EPFO. EPFO manages about 10 lakh crore fund and its subscriber base is around 6 crore. EPFO feels that if such difficulty continues further, about 1 crore people can do a partial withdrawal from PF.

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