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Job losses due to pandemic? EPFO closed 71.01 lakh accounts in April-December 2020

Job losses due to pandemic? EPFO closed 71.01 lakh accounts in April-December 2020
Image Source : FILE PHOTO/PTI

Photo for illustration goal solely.

Retirement fund physique EPFO closed 71.01 lakh workers’ provident fund (EPF) accounts throughout April-December in 2020 post-pandemic which is greater than 66.66 lakh in the identical interval yr in the past, Parliament has been informed.

The authorities had imposed lockdown to include the COVID-19 pandemic on March 25, 2020.

“The number of Employees’ Provident Fund (EPF) accounts closed during the period from April to December, 2020 is 71,01,929,” Labour Minister Santosh Gangwar mentioned in a written reply to the Lok Sabha on Monday.

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According to the reply, the variety of closure of EPF account 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 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.

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In a separate reply to the House, the minister mentioned that beneath the Aatmanirbhar Bharat Rozgar Yojna (ABRY), 1.83 lakh institution or corporations have been registered protecting 15.30 Lakh workers until February 28, 2021.

As a lot as Rs 186.34 crore has been launched beneath the ABRY until February 28, 2021.

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 through the COVID-19 pandemic.

This scheme being carried out 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 staff.

Under ABRY, the Government of India is bearing for a interval of two years, each the workers’ share (12% of wages) and employers’ share (12% of wages) of contribution payable.

In one other reply to the House, the minister mentioned the EPFO has invested Rs 27,532.39 crore in trade 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 variety of claims settled by Employees’ Provident Fund Organisation (EPFO) through the lockdown interval (i.e March 25, 2020 to May 31, 2020) have been 31,01,818.

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