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EPFO settles 94.41L claims worth Rs 35,445 crore during April-August

Fifty five per cent of the advance claims settled during April-August 2020 were related to the Covid-19 advance, while around 31 per cent of advances settled during the period pertained to illness claims.

By: ENS Economic Bureau | New Delhi | September 9, 2020 3:01:11 am
All possible legal options will be explored against these companies, including initiation of criminal action if there is prima facie evidence of a deliberate intent of default,” a CBT member told The Indian Express. (File)

Retirement fund body Employees’ Provident Fund Organisation (EPFO) has settled 94.41 lakh claims worth Rs 35,445 crore during April-August. The claims were 32 per cent higher compared with April-August 2019, while the amount disbursed increased by around 13 per cent, a Labour Ministry statement said.

Fifty five per cent of the advance claims settled during April-August 2020 were related to the Covid-19 advance, while around 31 per cent of advances settled during the period pertained to illness claims.

However, the final PF settlement claims declined by about 35 per cent during April-August compared with the corresponding period last year. Final PF settlement claim allows members to withdraw their PF balance after quitting their job, superannuation, termination or at the time of retirement.

Almost 75 per cent of COVID-19 advances and about 79 per cent of illness related claims were settled for EPF subscribers earning less than Rs 15,000, it said.

Partial withdrawal claims or advances under EPF scheme have more than doubled, recording about 212 per cent growth in April-August 2020 compared with April-August 2019, it added.

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