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EPF members withdraw Rs 39.4 crore from account from March 25 to August 31

New Delhi Employees’ Provident Fund (EPF) members have withdrawn Rs 39,402.94 crore between March 25 and August 31. It was informed in Parliament on Monday. It is noteworthy that the nationwide lockdown was implemented on March 25, 2020, in view of the threat of coronavirus epidemic by the government. Labor Minister Santosh Gangwar said in a written reply in Lok Sabha that the total withdrawal from EPF accounts was Rs 39,402.94 crore from March 25 to August 31 this year.

Maharashtra led the withdrawal from the EPF from March 25 to August 31, with Rs 7,837.85 crore removed, followed by Karnataka with Rs 5,743.96 crore and Tamil Nadu (including Puducherry) with Rs 4,984.55 crore.

The total EPF withdrawal in Delhi during this period was Rs 2,940.97 crore. The Minister told the House that various initiatives have been taken by the Ministry of Labor and Employment as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) to overcome the difficulties faced by the workers due to economic disruption due to COVID-19 epidemic.

These include paying 12 per cent of employers’ share under Employees’ Provident Fund (EPF) and 12 per cent of employees’ share. In addition, the government reduced the EPF contribution for the pay months of May, June and July 2020 from 12 percent to 10 percent.

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