Higher interest on PF, minimum pension likely Rs 5000; EPFO big meeting expected today
New Delhi: In what may convey pleasure to tens of millions of pensioners within the nation, Employees’ Provident Fund Organisation’s (EPFO) is more likely to maintain a significant assembly on Wednesday the place the retirement fund physique could take determination on PF rate of interest and minimal pension restrict, a number of media stories have stated.
The assembly would possibly deliberate on the lengthy standing demand of elevating the minimal pension cash underneath the Employees’ Pension Scheme (EPS) to Rs 5000, stories added.
In March this 12 months, Employees’ Provident Fund Organisation’s (EPFO) apex determination making physique Central Board of Trustees headed by Labour Minister Santosh Gangwar had accepted 8.5 per cent rate of interest on EPF for final fiscal. The retirement fund physique had determined to offer 8.5 % charge of curiosity on staff’ provident fund(EPF) for 2019-20 as dedicated earlier.
In June this 12 months, the EPFO took a landmark choices, by releasing Rs 868 crore pension together with Rs 105 crore arrear on account of restoration of commuted worth of pension.
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On the advice of Central Board of Trustees of the EPFO, the federal government has accepted one of many lengthy standing calls for of employees to permit restoration of commuted worth of pension after 15 years, an official launch stated.
It could also be famous that in keeping with the payroll information from the Employees’ Provident Fund Organisation (EPFO), throughout April-August 2020, 25 lakh new EPF subscribers have joined, of which 12.four lakh have been first-time payroll entrants.
The level of concern although is that the diploma of formalisation has dropped considerably to 6 per cent in 2020-21 from a mean of 11 per cent in earlier years.
During 2019-20, 110.four lakh new EPF subscribers have been added in comparison with 139.four lakh in 2018-19, indicating a lack of 29 lakh subscribers.
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