The EPF members have withdrawn this amount between March 25 and August 31, the day of the lockdown announcement.
55 per cent claims were of Kovid-19 advance withdrawals while 33 per cent claims were of disease related claims.
New Delhi. In the Corona era, people have started their work by withdrawing money from their PF account. The government told the Lok Sabha during the monsoon session that EPF members across the country have withdrawn Rs 39,402 crore between March 25 and August 31, the day of the lockdown announcement.
Maharashtra Minister of Labor, Santosh Gangwar, in the written reply to the Lok Sabha, said that Rs. 39,402.94 crore has been withdrawn from EPF accounts between March 25 and March 31 this year. The highest amount has been drawn in Maharashtra. The employees here pulled out a total of Rs 7,837.85 crore. After this, Karnataka was the second in this case, here people withdrew Rs 5,743.96 crore from EPF account. Tamil Nadu and Puducherry are at number three, where people took out a total of Rs 4,984.51 crore.
The Rs 35,445 crore Employee Provident Fund Organization (EPFO) released from April to August has settled 94.41 lakh provident fund claims for a total of Rs 35,445 crore during the 5 months from April to August in the current financial year. Due to Corona, due to the need of money people are in the process of settling the claims quickly.
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Last year, 32 percent more claims settled during the April-August period of the current fiscal year, according to Labor Ministry EPFO has settled 32 percent more claims than the same period last year. At the same time, the amount disbursed during this period has also increased by about 13 percent.
According to the Ministry of Labor, the highest amount of money withdrawn under the Advance Withdrawal Facility, according to the Ministry of Labor, out of all the provident fund claims settled during April to August 2020, 55% of the claims were of Kovid-19 advance withdrawals while 33% were claims related to illness. . In view of the Corona crisis, the Employees Provident Fund Organization had provided the facility of advance withdrawal of their deposits till June 30, giving relief to the EPF account holders.
72 thousand crores were released in the last financial year, a total of 72 thousand crores was withdrawn in the financial year 2019-20. At the same time, 30 thousand crores have been withdrawn in just four months in this financial year. In such a situation, if the situation does not improve soon, then this figure may increase further. EPFO manages a fund of around 10 lakh crores and has a subscriber base of around 6 crores.
The decline in the number of new subscribers due to Corona reported 6.55 lakh new registrations in the month of June, according to the Employees Provident Fund Organization (EPFO). Earlier in May, there were 3.18 lakh new registrations in EPFO. In April, there were only 1.33 lakh new registrations. In March this year, new registrations had come down to 5.72 lakhs. At the same time, 10.21 lakh new people were added to the EPF members in February 2020 before the lockdown. The coronavirus epidemic caused it to decline due to enforced lockdown. The registration data in EPFO indicates the employment situation in the organized sector.
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