Categories: Business

FM says 12 lakh EPFO ​​members withdraw Rs 3,360 cr retirement savings during lockdown. 12 lakh members withdraw Rs 3,360 crore from EPFO ​​during lockdown: Sitharaman

Photo: ANI

FM says 12 lakh EPFO ​​members withdraw Rs 3,360 cr retirement savings during lockdown

New Delhi. Finance Minister Nirmala Sitharaman has said that nearly 12 lakh members of the Employees Provident Fund Organization (EPFO) have withdrawn Rs 3,360 crore during the lockdown. On March 28, the EPFO ​​allowed employees to withdraw advances from the EPFO ​​in view of the problems arising out of the nationwide ban. Workers will not have to deposit this amount back.

The lockdown has been in force in the country since March 25 due to the corona virus epidemic. Announcing the fifth installment of the economic package on Sunday, Sitharaman said that during the last two months, 12 lakh members of the EPFO ​​have withdrawn Rs 3,360 crore. The Employees Provident Fund Organization (EPFO) under the Union Ministry of Labor and Employment has settled 12 lakh claims under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

The provision for special withdrawal from the EPF scheme is part of the government-announced PMGKY scheme. Under this provision, members can withdraw equal to three months basic salary and dearness allowance or 75 percent of the amount lying in the member's account, whichever is less. They will not need to deposit this amount back. Sitharaman said that 2.2 crore building and construction workers were given Rs 3,950 crore under the PMGKY scheme during the lockdown. Earlier in March, Labor Minister Santosh Gangwar made Rs. 52,000 crore construction cess from all states.

This post was published on May 17, 2020 2:26 pm

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