EPFO settles 60.88 lakh COVID-19 advance claims, releases Rs 15,255 crore till Jan 31

EPFO settles 60.88 lakh COVID-19 advance claims, releases Rs 15,255 crore till Jan 31

New Delhi: Retirement fund body EPFO has settled 60.88 lakh COVID-19 non-refundable advance claims, and has disbursed Rs 15,255.95 crore till January 31, 2021, reflecting the pandemic’s impact on the financial situation of the formal sector workforce. When the COVID-19 lockdown was imposed in March, the central government had allowed over 6 crore subscribers of the Employees’ Provident Fund Organisation (EPFO) to withdraw an amount not exceeding their three months’ basic pay and dearness allowance from their EPF accounts to support them during the nationwide lockdown.

The EPFO has settled 60.88 lakh COVID-19 withdrawal claims and disbursed Rs 15,255.95 crore to subscribers during the pandemic till January 31, 2021, Labour Minister Santosh Gangwar said in a written reply in the Lok Sabha.

The minister added that as on January 28, 2021, the total number of beneficiaries (new employees) under the Atmanirbhar Bharat Rozgar Yojana (ABRY) meant for creating jobs stood at

4.69 lakh.

During the COVID-19 recovery phase, the central government had launched the ABRY to incentivise employment generation in EPFO registered establishments by payment of both employees’ and employers’ contributions, that is 24 per cent of wages in respect of new employees in these establishments.

The outlay approved by the government for the total period of the ABRY scheme implementation (from 2020 to 2023) is Rs 22,810 crore.

The scheme commenced from

October 1, 2020 and shall remain open for registration of eligible employers and new employees up to June 30, 2021. The government will pay the subsidy for two years from the date of registration.

News source : The Economic Times

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