The Hindu Business Line : PF withdrawal claims surge to over 1 crore

NEW DELHI: Provident fund withdrawal claims have soared to 1.01 crore in 2008-09, but the spurt is not entirely due to job losses on account of recession which marked the just concluded fiscal.

"The Employees Provident Fund Organisation (EPFO) has received about 1.01 crore applications, which include cases of superannuation, withdrawal, transfer and pension amounts, for claims settlement against 76.35 lakh the last fiscal,'' said an EPFO offici al said.

The spurt in settlement of PF claims cannot be entirely attributed to job losses on account of recession, sources said, adding, "It could be one of the reasons. After all we received 76.53 lakh claim settlement applications in 2007-08 when there was no r ecession.''

A member of the Central Board of Trustees, Mr D L Sachdev said, "It is quite possible that people might have resorted to withdrawing money from their provident fund accounts. But increase in the number of such applications cannot be solely attributed to job losses due to recession".

EPFO maintains accounts of about 4.49 crore depositors with a corpus of more 1.82 lakh crore and an incremental deposit of around Rs 25,000 crore every year. - PTI

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