EPFO settles 56.79 lakh COVID-19 advance claims, releases over Rs 14,000 cr until December


Retirement fund physique EPFO has settled 56.79 lakh COVID-19 non-refundable advance claims, and has disbursed Rs 14,310 crore until December 31, 2020, reflecting the hostile impression of the pandemic on the formal sector workforce.

When the coronavirus-induced lockdown was imposed in March, the central authorities had allowed over 6 crore subscribers of the Employees‘ Provident Fund Organisation’s (EPFO) to withdraw an quantity not exceeding their three months primary pay and dearness allowance from their EPF account, to help them throughout the nationwide lockdown.

“The EPFO has settled 56.79 lakh COVID-19 withdrawal claims and disbursed Rs 14,310 crore to subscribers throughout the pandemic until December 31, 2020,” a supply stated.

In line with the supply, the EPFO has settled 197.91 lakh claims associated to closing settlement, dying, insurance coverage, advance claims and disbursed Rs 73,288 crore until December 31, 2020.

The quantity of disbursals beneath COVID-19 claims to subscribers is a large quantity of over one fifth of the whole disbursement throughout the interval by the EPFO.

In line with the supply, the quantum of the disbursement quantity beneath the COVID-19 claims displays the stress among the many formal sector employees because of the hostile impression of the pandemic, which resulted in job loss, pay cuts and compelled migration and so forth.

The Centre launched the Pradhan Mantri Garib Kalyan Yojana (PMGKY) on March 26, to supply support to the economically weaker sections in view of the pandemic.

The federal government introduced a provision for withdrawal from the EPF Scheme, offering for non-refundable withdrawal to the extent of primary wages and DA for 3 months or as much as 75 per cent of the quantity standing to member’s credit score within the EPF account, whichever is much less.

Additional, personal EPF trusts additionally settled 4.19 lakh COVID-19 claims and disbursed Rs 3,983 crore to the members to supply liquidity to fulfill the exigencies on account of pandemic, the supply stated.

Personal EPF trusts handle the fund in addition to EPF accounts of their members themselves. These corporations are exempted from submitting EPF returns to the EPFO. These are regulated by the EPFO.

In the course of the pandemic, the EPFO got here out with progressive measures like auto-settlement mode and multi-location declare settlement to make sure settlement of COVID-19 claims inside three days regardless of restrictions on full deployment of workers.

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