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Given below, The Economic Times news cut reported by Shambhavi Mehrotra on January 14, 2022. You are required to answer the questions as follows. In
Given below, The Economic Times news cut reported by Shambhavi Mehrotra on January 14, 2022. You are required to answer the questions as follows. In March 2020, the government had announced that an individual can withdraw a certain sum from their Employees' Provident Fund (EPF) account, if faced with financial stress due to coronavirus and the pandemic-induced lockdowns. Over a year later in May 2021, the labour ministry announced that EPF members can avail a second non-refundable advance from their EPF accounts in order to meet the coronavirus related financial emergencies. (a) Based on the above news, evaluate the opportunity costs involved for the withdrawal of EPF fund. (10 marks) (b) Explain the precautionary steps can be taken in order to cuisine the future impact of over withdrawal of EPF fund. (10 marks) Given below, The Economic Times news cut reported by Shambhavi Mehrotra on January 14, 2022. You are required to answer the questions as follows. In March 2020, the government had announced that an individual can withdraw a certain sum from their Employees' Provident Fund (EPF) account, if faced with financial stress due to coronavirus and the pandemic-induced lockdowns. Over a year later in May 2021, the labour ministry announced that EPF members can avail a second non-refundable advance from their EPF accounts in order to meet the coronavirus related financial emergencies. (a) Based on the above news, evaluate the opportunity costs involved for the withdrawal of EPF fund. (10 marks) (b) Explain the precautionary steps can be taken in order to cuisine the future impact of over withdrawal of EPF fund. (10 marks)
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