As crisis bites, 10 million Indians empty out Provident Fund savings...

It was money set aside for a rainy day. And, well, it’s pouring.

The Employees’ Provident Fund Organisation has confirmed the number of people emptying out their PF accounts — generally seen as a last resort in times of financial distress — has risen by a record 32 per cent in 2008-09, up from a 10 per cent increase the year before.

As layoffs began in what had been a booming Indian economy — about 5 lakh people lost their jobs between October and December 2008, according to a Labour Ministry report — people who had taken loans for everything from homes and cars to luxury vacations were bowled a googly. More...

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