New Delhi: Retirement fund physique EPFO closed 71.01 lakh staff’ provident fund (EPF) accounts throughout April-December in 2020 when the coronavirus-induced lockdown was at its peak and big job cuts have been reported.
This is larger than 66.66 lakh EPF accounts closed in the identical interval a yr in the past, Union Labour Minister Santosh Gangwar knowledgeable Parliament on Monday.
“The number of Employees’ Provident Fund (EPF) accounts closed during the period from April to December 2020 is 71,01,929,” The Labour Minister stated in a written reply to the Lok Sabha. It could also be famous that the Centre had imposed a nation-wide lockdown to include the COVID-19 pandemic on March 25, 2020.
According to the reply, the variety of EPF accounts closed in April-December 2019 was 66,66,563. The EPF account is closed for a lot of causes together with superannuation, job loss or altering jobs.
The Union Minister additionally said that the variety of EPF accounts with partial withdrawal additionally rose to 1,27,72,120 in April-December 2020 from 54,42,884 in the identical interval in 2019.
Total withdrawals from EPF account in April-December 2020 rose to Rs 73,498 crore from Rs 55,125 crore in the corresponding interval yr in the past, Gangwar added.
In a separate reply to the House, the Labour Minister stated that below the Aatmanirbhar Bharat Rozgar Yojna (ABRY), 1.83 lakh institution or companies have been registered protecting 15.30 Lakh staff until February 28, 2021.
As a lot as Rs 186.34 crore has been launched below the ABRY until February 28, 2021, the minister stated in his reply.
The ABRY scheme has been launched to incentivize employers for creation of recent employment together with social safety advantages and restoration of lack of employment in the course of the COVID-19 pandemic.
This scheme being applied by means of the Employees’ Provident Fund Organisation (EPFO) reduces the monetary burden of the employers of varied sectors/ industries and encourages them to rent extra employees.
Under ABRY, the Government of India is bearing for a interval of two years, each the staff’ share (12% of wages) and employers’ share (12% of wages) of contribution payable.
In one other reply to the House, Gangwar stated the EPFO has invested Rs 27,532.39 crore in alternate traded funds (ETF) until February 28, 2021. The EPFO had invested Rs 32,377.26 crore in 2019-20 and Rs 27,743.19 crore in 2018-19 in the ETF.
In a separate reply to the House, the Minister said, “The number of claims settled by Employees’ Provident Fund Organisation (EPFO) during the lockdown period (i.E March 25, 2020 to May 31, 2020) were 31,01,818.”Â
