TCS, Infosys, HCL Employees #1 In Provident Fund Withdrawals During Lockdown: But Why?
Reports are showing that employees working with major IT companies have already availed the maximum of their EPF advances citing the obvious reason – the deadly coronavirus disease.
This includes employees from some leading companies, such as TCS, HCL Technologies, and Infosys as well.
Read on for all the details!
TCS, HCL, Infosys Employees Avail Employee Provident Fund Under COVID-19 Window
A nationwide lockdown was imposed in the country due to the coronavirus disease spreading on every nook and corner at a rapid speed. The lockdown resulted in multiple disasters: while the disease couldn’t be kept under control, there also was the additional stress of many employees lost their jobs.
When the lockdown was imposed, the EPFO allowed its members to avail an advance in their provident fund which was kept at 3 months basic wages and dearness allowances. There also was an option of availing 75% of the amount that would stand to the credit of their respective accounts
TCS, HCL Technologies, and Infosys are some of the globally known Indian IT companies and employees have made use of a major chunk of their employees’ provident fund in the time span between April to July.
All this data has been revealed by the Employees’ Provident Fund Organisation (EPFO).
33,000 Employees From TCS Use Up Rs. 1.5 Crore From EPF
This data has also revealed that more than 33000 employees at TCS have used up their COVID-19 advances. The amount sums up to Rs.1.5 crores in the same time period.
The data by EPFO has also revealed that three of the companies, TCS, HCL, and Infosys are the only three IT companies of the top 5 private exempted companies in terms of the total headcount to have availed their coronavirus benefits.
In total, the employees of these three companies make up for about 17% of the total claims for the advances that were settled in the period between April to June. Leading the list is TCS followed by HDFC Bank (12,921), HCL (11,957), Infosys (5,534) and Maruti (2,146).
This means that a total of 3,04, 681 EPFO members from 685 exempt organizations have all evade the EPFO facility and extracted as much as Rs.3128 crores from their accumulation in April to July time span