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Coronavirus impact: 38.71 lakh EPF members withdraw Rs 44,054.72 crore

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As many as 38,71,664 staff provident fund (EPF) withdrawal claims price Rs 44,054.72 crore had been settled since March 25, Parliament was knowledgeable on Monday.

The federal government had imposed the nationwide lockdown on March 25, 2020, to comprise lethal coronavirus.

Whole 38,71,664 EPF withdrawals claims from EPF accounts price Rs 44,054.72 crore had been settled until date since lockdown was imposed (March 25 this 12 months), Labour Minister Santosh Gangwar stated in a written reply to the Rajya Sabha.

These withdrawals additionally embody COVID-19 claims, as per the reply.

The utmost quantity of Rs 8,968.45 crore EPF withdrawals from March 25 to August 31 had been recorded in Maharashtra in opposition to 7,23,986 claims, adopted by Karnataka Rs 6,418.52 crore for 4,84,114 claims and Tamil Nadu (together with Puducherry) Rs 5,589.91 crore for six,20,662 claims.

The full EPF withdrawals in Delhi in the course of the interval stood at Rs 3,308.57 crore for 3,16,671 claims.

A non-refundable COVID advance from the EPF by amending the EPF Scheme, 1952 was unveiled earlier.

As a part of the Pradhan Mantri Garib Kalyan Yojana introduced by the federal government to deal with COVID-19 scenario, the EPF scheme was amended to supply for a non-refundable advance from the provident fund account of a member not exceeding the fundamental wages and dearness allowances of that member for 3 months or as much as 75 p.c of the quantity standing to his credit score within the EPF account, whichever is much less.

With the intention to ameliorate hardship confronted by the labourers on account of financial disruption brought on by COVID-19 pandemic, numerous initiatives have been taken by the Ministry of Labour and Employment as a part of Pradhan Mantri Garib Kalyan Yojana (PMGKY) and Atmanirbhar Bharat.

These embody cost of 12 p.c employers’ share and 12 p.c staff’ share below staff’ provident fund (EPF), totalling 24 p.c by the federal government for six wage months from March to August 2020 for all of the institutions having as much as 100 staff with 90 p.c of such staff incomes lower than Rs 15,000 month-to-month wage.

In addition to, the federal government additionally diminished EPF contribution from 12 p.c to 10 p.c of wages for the wage months of Could, June and July 2020.

First Revealed on Sep 21, 2020 04:36 pm

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