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EPFO withdrawals during April-July hit ₹30,000 crore: reports

Jul 28, 2020 16:38 IST

As much as ₹30,000 crore has been withdrawn in under four months starting April by 8 million subscribers of the Employee Provident Fund Organisation, The Economic Times reported. The coronavirus pandemic has forced many people to dig into their savings as most have lost jobs, faced salary cuts or seen a rise in other expenses. EPFO manages a corpus of ₹10 lakh crore built on mandatory contributions from nearly 60 million salaried people and their employers. The huge outgo is likely to impact the fund’s earnings in FY21, officials said.

Economy