EPF members withdraw Rs 39.4k crore during March 25-August 31

By: |
September 14, 2020 4:49 PM

Employees provident fund (EPF) members withdrew Rs 39,402.94 crore between March 25 and August 31, Parliament was informed on Monday.

fiscal deficit, revenue collection, gdp growth, economic growthCredit risk category continues to witness net outflows, although the pace has slowed down significantly.

Employees provident fund (EPF) members withdrew Rs 39,402.94 crore between March 25 and August 31, Parliament was informed on Monday. The government had imposed the nationwide lockdown on March 25, 2020, to contain the deadly coronavirus. Total withdrawals from EPF accounts stood at Rs 39,402.94 crore from March 25 to August 31 this year, Labour Minister Santosh Gangwar said in a written reply to the Lok Sabha.

The maximum amount of EPF withdrawals from March 25 to August 31 were recorded in Maharasthra Rs 7,837.85 crore, followed by Karanataka – Rs 5,743.96 crore and Tamil Nadu (including Puducherry) – Rs 4,984.51 crore. The total EPF withdrawals in Delhi during the period stood at Rs 2,940.97 crore. The minister informed the House that in order to ameliorate the hardships faced by the labourers due to economic disruption caused by COVID-19 pandemic, various initiatives have been taken by the Ministry of Labour and Employment as part of Pradhan Mantri Garib Kalyan Yojana (PMGKY) and Atmanirbhar Bharat.

These include payment of 12 per cent employers’ share and 12 per cent employees’ share under Employees’ Provident Fund (EPF), totalling 24 per cent by the government for six wage months from March to August 2020 for all the establishments having up to 100 employees with 90 per cent of such employees earning less than Rs 15,000 monthly wage. Besides, the government also reduced EPF contribution from 12 per cent to 10 per cent of wages for the wage months of May, June and July 2020. A non-refundable COVID advance from the EPF by amending the EPF Scheme, 1952 was also unveiled.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Irdai permits insurers to conduct video-based KYC
2Want to have some passive income? You may try Staking – Know how it’s different from FD
3Should you increase your health cover due to the pandemic? Get all your health insurance queries answered