NEW DELHI : Temporary income losses due to the coronavirus lockdown are turning into job losses, indicates data on India’s retirement fund withdrawals, painting a grim picture of the country’s employment scenario.
The Employees’ Provident Fund Organisation (EPFO), which manages the retirement funds of over 60 million formal sector employees, has seen heavy withdrawals since rules were amended to help tide over the crisis.
According to EPFO data, withdrawals under the new pandemic rules that soared at the beginning of the lockdown have since tempered, while withdrawals outside these rules have climbed, indicating rising job losses.