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

by Rahul Gautam Sep 15, 2020 • 05:03 PM Views 808

1 crore EPF members made withdrawals during the COVID-19 crisis under the government's recently changed rules related to the provident fund, allowing people to withdraw 75% of the money in their account or basic pay and dearness allowance of their three months' pay (whichever smaller). The Finance Ministry in the Lok Sabha in one of the replies said that under the new rules, 74% workers whose monthly salary is less than 15,000 withdrew money from their PF accounts. Apart from this, the government itself believes that during the pandemic and lockdown, 1,04,05,501 people withdrew money from PF accounts, out of which 81,91,735 people had a monthly income of 15,000 or less.