Private Sector

Infosys, HCL, TCS employees availing EPF advances the most

Infosys, HCL, TCS employees availing EPF advances

Infosys, HCL, TCS employees availing EPF advances the most

Infosys, HCL, TCS employees availing EPF advances the most – The employees working with major IT companies have availed the utmost Employees’ provident fund (EPF) advances under the COVID-19 window.

The workforce of the likes of Tata Consultancy Services (TCS), HCL Technologies, and Infosys utilized most of their EPF accumulations within the April-July period.

As COVID-19 advances totaling Rs 1.5 crore during the said period, more than 33,000 employees at TCS availed, as per data shared by the Employees’ Provident Fund Organisation (EPFO) showed.

EPFO data revealed that out of the highest five private exempted companies in terms of the number of employees who have availed of the coronavirus advance benefit, three belong to the IT (information technology) sector – Infosys, TCS, and HCL, as mentioned during a report in Financial Express.

Collectively, their employees constitute around 17 percent of the entire claims for advances settled during the April-June period, HDFC bank (12,921), HCL (11,957), Infosys (5,534), and Maruti (2,146), in order.

Following the coronavirus outbreak, EPFO offered its members the window to avail of advance not exceeding three months’ basic wages, also as dearness allowances or up to 75 percent of the quantity standing to the credit of their respective accounts.

A handful of exempt establishments manage the PF accounts of their employees while remaining are under the executive control of the EPFO, as these companies tractor the pension portion to the EPFO.

By around 1,550 establishments belonging to public, private, and co-operative sectors, approximate Rs 50,000 crore corpus is managed.

All in all, a complete of 3,04,681 EPFO members from approximately 685 exempt establishments have availed the EPF facility to tug out Rs 3,128 crore from their accumulations in April-July.

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