InvestorQ : How many people are actually availing the PF withdrawal facility offered in the midst of COVID-19 by Indian government?
Ria Jain made post

How many people are actually availing the PF withdrawal facility offered in the midst of COVID-19 by Indian government?

Answer
user profile image
Anu Biswas answered.
6 months ago


Actually, the response is much larger than anticipated and that is not very encouraging news. Recent data put out by the EPFO has shown that 8.2 lakh employees across India availed the special facility of withdrawing money from the EPF account. This is largely to overcome the cash crunch caused by the COVID-19 pandemic and the resultant shutdowns of factories and businesses. A sum of Rs.3243 crore has already been withdrawn by employees from the EPF (they are allowed to withdraw up to 3 months salary). What we must not miss out is that workers are dipping into their long term retirement savings to fund their current expenses. That is not an encouraging scenario for social security.