During the Corona and Lockdown period, 8 million Indians withdrew Rs 30,000 crore from the EPFO. From the first week of April to the third week of July, 80 lakh Indians have withdrawn Rs 30,000 crore from their PF accounts.
According to an earlier report, between June 9 and June 29, 20 lakh employees withdrew money from their PF accounts. This gives an idea of the huge economic impact on the country’s working class even after the government relaxed the lockdown restrictions.
Many also faced pay cuts during the lockdown. Some even lost their jobs. Therefore, in the last three to four months, people have insisted on withdrawing about Rs 30,000 crore from the EPFO, ie from the PF account, the EPFO has clarified.
The technology has made it easier for PF account holders to make quick payments, say retirement fund managers. Technology has helped fund account holders in a much faster way. According to the EPFO’s salary data available in June, most of the PF account holders who have withdrawn funds since April have a monthly salary of Rs 15,000 or less.