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PF: PF account closed of 71 lakh people due to loss of job, government gave information

After the lockdown was imposed in the last week of March, the process of PF account was started from April. Around 2.30 lakh accounts were closed in April.

In some states, after coming to the fore in Corona, from the politics to the economy, they have come into being. Night curfew has been announced in many states and lockdown in some states. Taking a lesson from the ruin that has taken place since the first round of Corona, the state governments have become conscious. Because in the first round, the loss of the common people was a big part of it.




According to government data, around 6.5 percent of PF accounts were closed between April and December 2020 due to Corona. The reason for this is that he lost his job in the lockdown caused by Corona. According to government figures, the total number of PF account closures has crossed 71 lakh.

Also Read: Income Tax: From April 1, these 5 rules related to income tax and PF will change, know what are the changes

66.7 lakh new accounts were added

Of the nearly 6 crore account holders registered in EPFO, more than 66.7 lakh such accounts were newly added in the financial year 2019-20. While in the Corona period, 6.5 percent of the accounts had to be closed. At the same time, the number of people withdrawing their money from PF also increased by 33 percent. People were making a living by withdrawing the money deposited from the PF in the event of loss of job. Labor and Employment Minister Santosh Gangwar gave this information in the Lok Sabha.

Such figures have increased since April

After the lockdown was imposed in the last week of March, the process of PF account closure started from April. Around 2.30 lakh accounts were closed in April. After that, this trend continued and by December, this number had crossed 71 lakhs. At the same time, in April, about 13.43 lakh people withdrew their money and in the growing till December, this number reached 135 percent.

Preparation to create a new fund

Provident fund i.e. PF is considered to be the most important means of savings for every employed people. This amount, which is deducted from salary, comes in handy in the time of Musbeet. At the same time, interest is good on it, so it is also a support for the retirement of the people. But now not only jobbers but other people will also be able to take advantage of PF. Soon the government can create a separate fund under the Employees’ Provident Fund Organization ie EPFO.




Everyone can invest

This fund will be for those who wish to participate in this scheme on their own free will. Actually, the government wants that everyone can get the benefit of PF. A plan is being prepared for a new fund. Which can be opened for everyone. Actually, the government is trying to create a fund in which everyone can get the benefit of PF.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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