As of 30 August 2020, Hostplus had processed 383,226 early release of superannuation (ERS) applications, totaling over $2.77 billion.
“The fund continues to assist our members who have been adversely impacted financially as a result of the COVID-19 pandemic, said Hostplus CEO, David Elia.
“Our processes and dedicated team continue to see us achieve timely payments to members with over 97% of ATO-approved requests processed within 5 business days”.
Hostplus encourages members to visit its website prior to lodging an ERS application to see what steps they should take to ensure timely processing of their payments.
The fund also reminds its members that the ATO’s initial verification of their ERS application can take up to 4 business days and that, once the ATO has advised Hostplus of an approval, it will typically take up to 5 business days for Hostplus to process the application.
Hostplus’ most recent ERS statistics can be found here.