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EPF withdrawal: 12 lakh EPFO subscribers opt for special coronavirus scheme

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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

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