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Central Ministry of Labor: Rs. 280 Crores given to 1,37 Lakhs PF subscribers!
Posted on: 11/Apr/2020 12:04:18 PM
The Central Ministry of Labor has informed that Rs. 280 Crores have been given to 1.37 Lakhs PF subscribers from their Provident Fund Accounts.
Giving due consideration to the prevalent severe crisis due to the coronavirus pandemic, leading to the temporary loss/closure of several organisations, which has led to financial demands, the Provident Fund Subscribers were allowed to withdraw up to 75% of the funds in their accounts. Accordingly, a huge lot of subscribers had applied for PF withdrawal. Just over the last 10 days alone, applications from 1.37 Lakhs Provident Fund Subscribers were scrutinized and a total of Rs. 279.65 Crores have been dispersed.
For the provident Fund Subscribers who had filled up the KYC form the fund requested has been transferred to their respective bank savings accounts within 72 hours.
In a similar procedure, the Central Ministry of Labour has announced that those Provident Fund Subscribers who had applied for other purposes can also withdraw up to 75% of their PF funds by applying again.
Once the KYC form is filled up and submitted, the fund will be dispersed within 72 hours.
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