38.71 lakh EPF member withdraw Rs. 44,000 cr since coronavirus impact.

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The government had imposed the nationwide lockdown from March 25th onwards to contain the Deadly coronavirus.

The total 38,71,664 EPF withdrawal claim from EPF account worth Rs. 44,054.72 crores were resolved this year. In the lockdown period, labor Minister Santosh Gangwar said in a written reply to Rajya Sabha the withdrawal also includes COVID-19 claims.

The maximum amount of Rs. 8,968.45 crore EPF withdrawals from March 25 to August 31 were recorded in Maharashtra against 7,23,968 claims.

The total EPF withdrawal in Delhi during the period was Rs. 3,308.57 crore from 3,16,671 claims. Following the same state, Karnataka has Rs. 6,418.52 crore for 4,84,114 claims and State Tamil Nadu (including Puducherry) has Rs. 5,598.91 crore for 6,20,662 claims.

A non-refundable COVID-19 advance from EPF by amending the EPF scheme 1952 was disclosed earlier.

In order to enhance the hardship faced by the laborers due to economic disruption caused by the Coronavirus pandemic, various initiatives have been taken by the Ministry of Labour and Employment as part of Pradhan Mantri Garib Kalyan Yojana (PMGKY) and Atmanirbhar Bharat.

These include payment of 12 % employers’ share and 12 % employees’ share under employees’ provident fund (EPF), total 24 % by the government for six wage months from March to August 2020 for all the establishments having up to 100 employees with 90 percent of such employees earning less than Rs.15,000 monthly wage.

Besides, the government also reduced EPF contribution from 12 % to 10 % of wages for the wage months of May, June and July 2020.

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