pandemic Government crisis prevention

EPFO income dips as deposits are deferred, withdrawals rise

Reading now: 461
www.livemint.com

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A million workers have already withdrawn their EPF savings in last five weeks to tide over income loss caused by the ongoing lockdown imposed to prevent the spread of the coronavirus.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.

Read more on livemint.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA