Almost one-third of all employers associated with India’s retirement fund manager have not submitted statutory provident fund dues for the month of April. It highlights the massive depletion in the company finances as revenues dipped enormously round the clock because of the ongoing pandemic continued lockdown.
According to the latest stats of the Employees’ Provident Fund Organisation (EPFO), “Only 321,800 companies paid their statutory employees provident fund dues in April, which is almost 178,000 less than those who paid in the previous month.
However, if compared with the month of February, a period when India was not going through the crisis of the pandemic, 199,000 fewer firms paid dues.
“The organisations have got some exemptions due to the ongoing lockdown, but you must realise that such a huge number of companies not submitting dues depicts that their revenue is in bad health,’ revealed Muralidharan Thyagarajan, Chairman of TMI Group, a Hyderabad-based staffing company.