Beneficiaries Withdrew Rs 30,000 Cr From EPFO Portal Between April-July
Following the deadly impact left by the ongoing pandemic on the employment, employees rushed to withdraw money from the Employee Provident Fund Organisation(EPFO) portal.
In a period of fewer than four months starting from the month of April, employees withdrew Rs 30,000 crore. It has been reported that a lion share of employees withdrew the amount under the pandemic window. The amount is close to Rs 8,000 crore
On the other hand, as many as 5 million EPFO beneficiaries withdrew Rs 22,000 under the general window.
Given the hardship situations like job loss, cuts in the salary received and the medical expenses have forced the employees to withdraw the amount. The amount that is withdrew from the account is very high when compared to that of the normal period.
The experts are raising doubt that the huge withdrawal from the EPFO portal might leave an impact on the EPFO earning for the financial year 2021. It is believed that the count of beneficiaries to withdrew from the EPFO portal might increase.
In a period of fewer than four months starting from the month of April, employees withdrew Rs 30,000 crore. It has been reported that a lion share of employees withdrew the amount under the pandemic window. The amount is close to Rs 8,000 crore
On the other hand, as many as 5 million EPFO beneficiaries withdrew Rs 22,000 under the general window.
Given the hardship situations like job loss, cuts in the salary received and the medical expenses have forced the employees to withdraw the amount. The amount that is withdrew from the account is very high when compared to that of the normal period.
The experts are raising doubt that the huge withdrawal from the EPFO portal might leave an impact on the EPFO earning for the financial year 2021. It is believed that the count of beneficiaries to withdrew from the EPFO portal might increase.