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EPF investment rises to Rs1.69 trillion in FY20; withdrawals went up post covid

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Also Read | How India tightened the noose around OTTHowever, post covid, many people have opted to withdraw money from EPF as they faced a cash crunch.Replying to another question, Gangwar said that withdrawals from EPF in April-December 2020 stood at Rs73,498 crore.

The figure for April-December 2019 was Rs55,125 crore. The figures represent a 33% surge in withdrawals as India was hit by the covid-19 pandemic and consequent economic slowdown.According to the minister’s reply, EPF account closures also rose from 6.666 million in 2019 to 7.101 million in 2020.

The number of accounts with partial withdrawals surged from 5.442 million in 2019 to 12.7 million in 2020.In March 2020, the ministry of labour allowed employees to withdraw up to 75%.

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