Under the coronavirus special EPF withdrawal scheme, about 12 lakh employees have availed this scheme and about ₹3,600 crore has been disbursed so far by the EPFO.
This was disclosed by Finance Minister Nirmala Sitharaman said. Under this scheme, Employees Provident Fund Organisation subscribers can withdraw 75% of their savings or up to a maximum of three months' basic pay and dearness allowance from their PF account – whichever is lower.
On March 28, the EPFO had allowed formal sector workers under its ambit to withdraw a non-refundable advance from their retirement savings to deal with hardships due to lockdown.
Earlier this week, Finance Minister Nirmala Sitharaman had announced a reduction of statutory provident fund contribution by