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One in five withdrew funds from EPF accounts since Covid onset
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financialexpress.comAround one in five subscribers to the Employees’ Provident Fund Organization (EPFO) dipped into their savings between April 2020 and September 2021, taking out `28,288 crore to tide over the difficult times caused by the Covid-19 pandemic.
Data compiled by the retirement fund body exclusively for its board members revealed that 1.21 crore members made Covid-19 withdrawals between the first quarter of 2020-21 and the second quarter of 2021-22.
According to the EPFO dashboard, there are around 6.69 crore members who paid their EPF contributions during the last one year. The government had in March last year amended the provident fund scheme to allow for Covid-19 non-refundable advance of up to 75% of a member’s total provident fund
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