Over 1 Crore EPF Members Made Withdrawals In COVID Crisis, 74% Earned Less Than Rs 15,000

The Coronavirus pandemic has proved to be a nail in the coffin for a crisis-ridden economy. The central government is also working hard to maintain a declining economy.
Recently, the government had relaxed the Employees’ Provident Fund Organisation (EPFO) rules allowing subscribers to withdraw 75 per cent of their savings or up to a maximum of three months’ basic pay and dearness allowance. However, the condition was whichever amount is lower.
As the plan looks good on paper, it has not changed the ground reality. In the Lok Sabha, the Finance Ministry admitted that under the new rules, around three-fourth or 74% of people who took advances from their PF accounts were low-paid employees, whose monthly salary was less than Rs 15,000. Apart from this, the government itself believes that during the pandemic and lockdown, 1 crore 4 lakh 5 thousand 51 people took money out of PF accounts, out of which 81 lakh 19 thousand 735 people had a monthly income of Rs 15,000 or less.
As the plan looks good on paper, it has not changed the ground reality. In the Lok Sabha, the Finance Ministry admitted that under the new rules, around three-fourth or 74% of people who took advances from their PF accounts were low-paid employees, whose monthly salary was less than Rs 15,000. Apart from this, the government itself believes that during the pandemic and lockdown, 1 crore 4 lakh 5 thousand 51 people took money out of PF accounts, out of which 81 lakh 19 thousand 735 people had a monthly income of Rs 15,000 or less.
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