The Employees Provident Fund Organisation (EPFO) is set to face an income crisis, which will have a direct bearing on millions of its subscribers’ PF earnings in 2020-21.
A million workers have already withdrawn their EPF savings in last five weeks to tide over income loss caused by the ongoing lockdown imposed to prevent the spread of the coronavirus.
Authorities at the EPFO head office have sent a message to field offices asserting that a million more workers are likely to withdraw their savings soon.
The massive number of withdrawals, which is an indication of the hardship workers are facing in a crisis time, is an outflow for a pension fund such as EPFO.