EPF withdrawals totalled over Rs 39,000 crore during March-August: Government

EPF withdrawals totalled over Rs 39,000 crore during March-August: Government

NEW DELHI: Members of the the retirement fund body, Employees’ Provident Fund Organisation (EPFO), withdrew Rs 39,402.9 crore between March 25 and August 31 this year, labour minister

Santosh Gangwar

told

Parliament

in a written response on Monday.

The

maximum amount

of EPF withdrawals during the period was done in Maharasthra (Rs 7,837.8 crore), followed by Karnataka (Rs 5,743.9 crore) and

Tamil Nadu

, which totalled Rs 4,984.5 crore, Gangwar said.

The minister said the government took various measures under

Pradhan Mantri Garib Kalyan Yojana

(PMGKY) and

Atmanirbhar Bharat

schemes to mitigate the distress of migrant workers’ distress. The measures include payment of 12% employers’ share and 12% employees’ share under EPF, totalling 24% by the government for six-wage months from March to August for all the establishments having up to 100 employees with 90% of such employees earning less than Rs 15,000 monthly wage.

The ministry also said it reduced EPF contribution from 12% to 10% of wages for May, June and July, apart from unveiling a non-refundable Covid advance, which was facilitated by amending the EPF scheme. These measures were aimed at providing relief to employees during the lockdown period.

Soon after the lockdown was imposed in late March, the government had provided a window to formal sector employees to withdraw a part of their investment to deal with the Covid-19 crisis.

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