The Employees’ Provident Fund Organisation (EPFO) has played a crucial role in supporting its subscribers during the challenging times of the Covid-19 pandemic. According to the draft Annual Report 2022-23, over 22 million subscribers, representing more than one-third of the total EPFO subscriber base, have availed themselves of Covid advances from their retirement savings. This significant financial assistance amounted to a total disbursement of Rs 48,075.75 crore over the course of three fiscal years starting from 2020-21.
Swift and Responsive Settlements
With a subscriber base exceeding 60 million and managing a substantial corpus of over Rs 18 lakh crore, the EPFO efficiently settled the majority of Covid claims within three days. This swift response played a crucial role in mitigating the financial impact on households, showcasing the EPFO’s commitment to providing timely and crucial financial support to its subscribers during times of economic uncertainty.
Alleviating Financial Strain on Households
The expedited disbursement of Covid advances reflects the EPFO’s proactive approach in alleviating the financial burden on its vast subscriber base. By swiftly facilitating access to retirement savings, the EPFO has contributed significantly to helping millions of individuals navigate the economic challenges brought about by the pandemic.