EPFO settles 36 lakh withdrawal claims worth Rs 11,540 crore

New Delhi : The Employees’ Provident Fund Organisation (EPFO) has settled 36.02 lakh claims during coronavirus lockdown, disbursing an amount of Rs 11,540 crore under the EPF scheme, according to a statement released by labour ministry on Tuesday. Out of this, 15.54 lakh claims amounting to Rs 4,580 crore were related to the recently introduced COVID-19 advance under Pradhan Mantri Garib Kalyan Yojana (PMGKY).

“Despite the lockdown restrictions EPFO settled a staggering 36.02 lakh claims, thereby disbursing Rs 11,540 crore to its members during the last two months of April and May 2020,” Ministry of Labour & Employment said in a press release.

In terms of wage slab, more than 74 per cent of total claimants during the lockdown period belonged to bracket of less than Rs 15,000 wage, the data showed. The high income category with wages more than Rs 50,000 accounted for a mere 2 per cent of the claimants. Around 24 per cent of claims were made by the members with wages falling in the Rs 15,000 to less than Rs 50,000 category, the ministry said.

In March, the labour ministry had announced that about 4.8 crore EPF beneficiaries can withdraw 75 per cent of the amount standing to their credit, not exceeding their three months’ basic pay, to tide over the COVID-19 pandemic. The ministry had issued a notification in this regard to amend the Employees’ Provident Fund Scheme 1952, so that organised sector workers can withdraw the non-refundable advance.