Nearly 3.75 lakh workers with the Employees Provident Fund Organisation (EPFO) account in Bengaluru region have sought COVID-19 advance, underlining the extent of financial and unemployment crisis due to the pandemic. The Central government introduced a provision for a special withdrawal from the EPF scheme for subscribers to tide over the financial crisis arising out of pay cuts and job loss due to the outbreak of COVID-19.This special provision entails a withdrawal of 3 months of basic plus DA or 75 per cent of the balance in the EPF account, which ever is less. This is non-returnable and hence there is no burden on the employees to repay the amount with interest as in case of a loan.There are 35, 41,509 EPF subscribers in Bengaluru zone covering the entire urban conglomerate of whom 3,74,499 employees had raised claims for one-time advance to deal with the financial crisis. This is more than 10 per cent of the work force who are subscribers of EPFO in Bengaluru and the numbers are on the rise.The figures are as on July 7 and 2,66,212 claims have been settled (as on that date) in respect of Bengaluru zone, according to R.K.Singh, Additional Central Provident Fund… Read full this story
- Global death toll due to coronavirus COVID-19 crosses 1.4 lakh, over 21 lakh infected
- Spotlight: U.S. Senate passes relief package to increase funding for small businesses amid COVID-19 fallout
- Spotlight: Roughly 22 million Americans seek jobless aid as COVID-19 fallout ripples through workforce
- COVID-19 fallout: Siblings in Hyderabad develop low-cost face shields to be used by frontline warriers
- Bank of England and Treasury race to stem Covid-19 fallout
- Trump Pledges Support to Pakistan in Fight Against COVID-19
- Telangana, Delhi and Punjab Pull Out From Phase-1 of Lockdown Relaxations as Covid-19 Cases Cross 16,000
- Construction projects worth Rs 59 lakh crore impacted due to COVID-19: KPMG
- In Pakistan's fight against Covid-19, religion might not be helping
- Special Covid-19 Trains - Lifelines Delivering Essential Supplies Through India Under Lockdown
COVID-19 fallout: nearly 3.75 lakh workers tap their retirement savings in Bengaluru alone have 316 words, post on www.thehindu.com at July 15, 2020. This is cached page on VietMaz. If you want remove this page, please contact us.