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EPFO has over 60 million subscribers and manages a corpus of greater than Rs 18 lakh crore. Majority of the Covid claims had been settled by the EPFO in three days to considerably scale back the monetary shock on households for the reason that outbreak of the pandemic.
As per the report, the retirement fund physique disbursed Rs 17,106.17 crore in 2020-21 benefitting 6.92 million beneficiaries, Rs 19.126.29 crore in 2021-22 to 9.16 million beneficiaries and Rs 11,843.23 crore to six.20 million beneficiaries in 2022-23.
The advance for Covid, which got here into power with impact from March 28, 2020, noticed 33 beneficiaries availing the advance within the 4 days of March 2020 amounting to Rs 0.06 crore.
The federal government had in March 2020 notified amendments to the EPF Scheme, 1952 to supply for non-refundable advance to EPF members not exceeding the essential wages and dearness allowances for 3 months or as much as 75% of the quantity standing to member’s credit score within the EPF account, whichever is much less, within the occasion of outbreak of epidemic or pandemic.In consequence, workers working in institutions and factories throughout complete India, who had been members of the EPF Scheme, 1952, had been eligible for the advantages of non-refundable advance underneath the amended scheme which got here into impact from March 28, 2020. Based on the EPFO, the ability enabled members to manage in the course of the robust part of the pandemic.
The central board of trustees of the EPFO, a tripartite physique underneath the chairmanship of labour minister, is the apex decision-making physique of the retirement financial savings physique. An approval from the central board of trustees is required for all stories of the EPFO, earlier than they’re formally accepted by the federal government.
Moreover, the federal government has spent Rs 5000 crore to reimburse 24% of the worker and employer contribution (12% every) on the outbreak of the pandemic to make sure no person suffered attributable to lack of continuity within the EPFO contribution.
Nevertheless, this was relevant to institutions with as much as 100 workers and 90% of whom had been incomes underneath Rs 15,000 month-to-month wage.
It’s estimated that 8 million workers benefited from the initiative which incentivized about 0.4 million institutions to proceed their workers on their payrolls regardless of disruption.
