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EPFO withdrawals during April-July hit Rs 30,000 crore

8 million subscribers of the EPFO have withdrawn Rs 30,000 crore between April and July. EPFO manages a corpus of Rs 10 lakh crore. The retirement fund body has nearly 60 million salaried people as subscribers. The huge outgo is likely to impact the fund’s earnings in FY21. Of the total withdrawals, nearly 3 million beneficiaries withdrew over of Rs 8,000 crore under the Covid window while the rest Rs 22,000 crore was a general withdrawal by 5 million EPFO subscribers, mainly as medical advance. EPFO expects nearly 10 million subscribers to withdraw from their savings in the coming days.

Read More at The Economic Times News date : 28 Jul 2020, Tuesday

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