PF Withdrawal In Coronavirus Time: During the Corona period, not one or two, but about 3.5 crore PF account holders (with funds) have withdrawn money from their accounts, which is about half of the total PF account holders. These figures are as of April 2020. From April 1, 2020 to May 12, 2021, about 72 lakh people have taken out a total of Rs 18500 crore from Covid Advance.
PF Withdrawal In Coronavirus Time: More than half the account holders withdraw money from their PF account in Corona period, know how big is the figure and what is the reason!
PF Withdrawal In Coronavirus Time: In the Corona era, people are struggling with money so much that they are also withdrawing money from the PF (Provident Fund) which is used in their retirement. During the Corona period, not one or two, but about 3.5 crore PF account holders have withdrawn money from their accounts. Withdrawing money of 35 million people during the Corona period is also a matter of concern as this figure is more than half of the total PF subscribers. These figures are as of April 2020. The total number of subscribers of EPFO is around 60 million. From April 1, 2020 to May 12, 2021, about 72 lakh people have taken out a total of Rs 18500 crore from Covid Advance, which was launched by the government last year for the fight against Coronavirus in India.
Withdraw 1.25 lakh crores
In all, 3.5 crore account holders have withdrawn about Rs 1.25 lakh crore from PF accounts. These funds include settlement of PF account, pension, insurance on death and even transfer. If we talk about the financial year 2019, then the EPFO had made a claim settlement of about 81,200 crore claims from about 1.63 crore account holders. Currently this figure is not available for FY 2020.
It shows that people are losing jobs!
It was natural for the PF to withdraw money from year to year by around 10 per cent, as many people used to change jobs and take retirement. According to an official, this year the figures are much higher than in previous years, because people have been given the facility to withdraw extra money due to Corona. It shows that a lot of people have lost their jobs in the Corona era and have no other option but to withdraw PF money to deal with the daily expenses, including treatment.
Most claims are from these states
The maximum claims have come from Mumbai, Pune, Delhi and Bangalore. These states are full of industries and there are plenty of jobs, but in these states the cases of corona are also highest. All these claims from EPFO are being settled under Auto Settlement within just 72 hours. Only last year, for the convenience of the people, the government had started the facility to withdraw 75% of the PF or equal to three months basic salary, whichever is less. This facility can also be availed only once and is non-refundable.
