COVID-19 Relief Effort by ISB Alumni Association

As the COVID-19 impact on economies and businesses intensifies, casual and daily wage labor will be severely hit - and will require indirect and direct financial support. The National Labour institute survey stats that casual labor makes up 14.7 percent of all workers when classified by category of employment in urban areas. According to The International Labour Organization (ILO) estimates, about 25 million jobs could be lost globally due to COVID-19. Most of these workers are self-employed and are ‘own account’ workers. They provide service on a daily basis and as economic activity dips sharply, their livelihood is being directly impacted.

While the ISB Alumni Association and alums continue to donate and identify beneficiaries, we are seeing immense and increasing demand for aid. To expand our footprint and to multiply the impact, we are opening up this effort to friends, family, connects and concerned individuals who are looking to contribute to this cause. The Alum Association will be topping up 25 paisa on every rupee received from the ISB alumni. 100% of the amount will be used to support the needy and we will do it in the following ways:

1. Direct beneficiary transfer: The money will be restricted to a small amount which is INR 2500 to INR 4000 and it will be directly transferred to the beneficiary. The recommendation made will be verified by the association and the amount will be transferred.

2. Supporting Identified NGOs: The association will identify established and active NGOs who are already leading this effort on the ground and donate money to them.

3. Donation to the PM Relief Fund: An amount will be set aside to be donated directly to the PM relief fund. 

Fragile MSMEs have already been hit because of demonetization, GST and NBFC crises. Majority of workers in this sector have no access to formal finance and and COVID-19 will take things beyond breaking point. Funds raised by the Association will help these workers to take care of their basic, day to day requirements and alleviate the economic impact on them.