Employees’ Pension Scheme likely to be minimum Rs.2000 pm
The government may soon double minimum monthly payments under the Employees’ Pension Scheme (EPS) of the Employees’ Provident Fund Organisation (EPFO) to Rs 2,000 to strengthen the social security net for pensioners. Such a move, about a year ahead of the next general election, would benefit at least 4 million people and cost the Centre a minimum Rs 3,000 crore annually when implemented.
Assurance benefit under EDLI scheme enhanced to Rs. 2,50,000/-
In exercise of the powers of the government of India conferred by section 6C read with subsection (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), has amended the Employees’ Deposit Linked Insurance Scheme, 1976, and enhanced the Assurance benefit available under the Scheme.
EPFO establishes three data centres
To provide better services with its egovernance initiatives and strengthen the IT backbone, Employees’ Provident Fund Organisation (EPFO) has established three data centres at Gurgaon, Secunderabad and National Data Centre, Dwarka, New Delhi. To control, monitor and manage the technical performance of all the three data centres, a 24 X 7 Global Network Operation Centre (g-NOC) has been established at National Data Centre, Dwarka. Recognising the e-governance initiatives of EPFO, it has been awarded the ‘Technology Sabha Award’ by Express Computer, Indian Express Group.
Online claims must or PF withdrawals above Rs.1 MM : EPFO
Retirement fund body EPFO has made it mandatory to file online claims for provident fund withdrawals above Rs.10 lakh, taking another step towards becoming a paperless organization.
The Employees’ Provident Fund Organisation (EPFO) has also made it mandatory to file online claims for withdrawals of above Rs.5 lakh under the Employees Pension Scheme, 1995. Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money. At present, EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawal as also for pension. The decision was taken at a meeting chaired by Central Provident Fund Commissioner on January 17, 2018, an official said.
Courtesy Labour Law Reporter
