Employees creating lockdown conditions withdrew money from PF for subsistence

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New Delhi, 28 April 2020 Tuesday

Amidst the lockdown to control the Corona virus, people's financial problems can be gauged from the fact that they now have to make a living by withdrawing money from their PF accounts.

About 8.2 lakh members of EPFO ​​and private PF funds have raised Rs 3243.17 crore for their livelihood. The Employees Provident Fund Organization in its March 28 decision allowed part-time employees of the scheme to withdraw partial amounts to deal with difficulties caused by the lockdown.

The EPFO, which comes under the Union Ministry of Labor and Employment, has (in the meantime) settled a total of 12.91 lakh claims, the Ministry of Labor said in a statement.

This includes 7.40 lakh claims related to the exemption granted under the Prime Minister's Poor Welfare Scheme (PMGKY) package announced in the Kovid-19 crisis.

The claim covers a total of Rs 4684.52 crore, including Rs 2367.65 crore under the PMGKY package. The ministry said the exempted private PM trust also settled claims due to the Kovid-19 epidemic.

The Exempted Private PF Trust disbursed Rs 875.52 crore to 79,743 PF members as advance amount for Covid-19 till April 27, 2020, the statement said.

Of this, 222 private sector organizations provided Rs 338.23 crore to 54,641 beneficiaries. 76 public sector companies disbursed Rs 524.75 crore to 24,178 beneficiaries. 23 organizations in the co-operative sector gave Rs 12.54 crore to 924 beneficiaries.

Private PF trusts allow their employees to manage PF amounts and allow them to file monthly PM returns.

Tata Consultancy Services (Mumbai), HCL Technologies Limited (Gurgaon) and HDFC Bank (Mumbai) are the top three private sector lenders.

ONGC (Dehradun), Nevelin Lignite Corporation (Neveli) and BHEL (Trichy) are the top three licensed companies in the public sector.

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