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No hope of ending economic crisis, 55 lakh people withdraw money from PF

No hope of ending economic crisis, 55 lakh people withdraw money from PF

The State
No hope of ending economic crisis, 55 lakh people withdraw money from PF

EPFO has settled claims of Rs.15 thousand crores of 55.80 lakh subscribers. Between 9 June and 29 June, 20 lakh people have withdrawn money from PF.

The economic crisis is not going to end, 55 lakh people have withdrawn money from PF 

, due to the poor condition of the economy, the increased unemployment is proving a problem for the employees of organized sector. Employees sent on pay cuts, layoffs and unpaid leave due to lockdown are now withdrawing money from provident funds. Every day for the last three weeks, one lakh people are withdrawing money from their PF. Due to lack of jobs and slow pace of employment generation, the pace of withdrawal of PF from employees has increased.

20 lakh people withdraw money from PF in three weeks 

A news report in Mint says that according to EPFO ​​data, 55 lakh people have withdrawn money from EPF so far. EPFO has settled claims of Rs.15 thousand crores of 55.80 lakh subscribers. Between 9 June and 29 June, 20 lakh people have withdrawn money from PF. Out of all the people who have withdrawn money since April, 60 percent of them are outside the scope of non-Kovid-19 withdrawal system. This clearly shows that the economic situation is not improving and jobs are not being created.

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The Employees Provident Fund Organization has given advance withdrawal facility to about 8 crore Employees Provident Fund (EPF) account holders. For this, the EPFO ​​made a change in the EPF Scheme-1952, saying that employees can withdraw 75 percent of the amount deposited in their account or equal to three months’ salary. This amount can be used by the employees for their own needs and there will be no need to resubmit. According to the general tax rules for PF withdrawal, withdrawals before five years are tax deducted, but EPFO ​​has recently given an explanation. Issued and said that since this withdrawal is not being given as an advance. Therefore tax will not be deducted on this

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