Greater curiosity on PF, minimal pension seemingly Rs 5000; EPFO massive assembly anticipated at the moment | Private Finance Information

Higher interest on PF, minimum pension likely Rs 5000; EPFO big meeting expected today

New Delhi: In what may convey pleasure to hundreds of thousands of pensioners within the nation, Staff’ Provident Fund Organisation’s (EPFO) is more likely to maintain a serious assembly on Wednesday the place the retirement fund physique could take choice on PF rate of interest and minimal pension restrict, a number of media experiences have mentioned.

The assembly would possibly deliberate on the lengthy standing demand of elevating the minimal pension cash below the Staff’ Pension Scheme (EPS) to Rs 5000, experiences added.

In March this 12 months, Staff’ Provident Fund Organisation’s (EPFO) apex choice 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 p.c fee 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 mentioned.

It could be famous that in accordance with the payroll knowledge from the Staff’ Provident Fund Organisation (EPFO), throughout April-August 2020, 25 lakh new EPF subscribers have joined, of which 12.4 lakh had been first-time payroll entrants.

The purpose 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.
Throughout 2019-20, 110.4 lakh new EPF subscribers had been added in comparison with 139.4 lakh in 2018-19, indicating a lack of 29 lakh subscribers.