It is reported that the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization (EPFO) may approve next month to increase the auto-settlement limit for advance claims from the current Rs 1 lakh to Rs 5 lakh. The CBT will approve it in its next meeting (possibly in May), giving significant relief to EPFO ​​​​subscribers. “EPFO currently has about 7.4 crore active subscribers.

What is the detail

According to a report by Moneycontrol, the CBT may give a big relief to EPFO ​​subscribers in its next meeting, which is likely to be held in May. The PF withdrawal limit can be increased from Rs 1 lakh to Rs 5 lakh. This will make withdrawal of the amount possible without the need for manual verification. Let us tell you that in May 2024, the auto claim settlement limit was increased from Rs 50,000 to Rs 1 lakh. According to the report, auto-settlement claims more than doubled from about 9 million in FY24 to about 20 million in FY25.

Funds can be withdrawn from ATM and UPI

Another official said that the CBT may also approve withdrawal of EPFO ​​claims through ATM and UPI from June in its next meeting. He said that the National Payments Corporation of India (NPCI) has prepared a framework to allow auto-claim settlement through the UPI platform. With the increase in the auto-settlement limit, members will be able to automatically withdraw an amount of up to Rs 5 lakh instantly. Currently, members had to wait for manual verification to withdraw an advance amount of more than Rs 1 lakh.

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Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

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There is great news for more than 73 lakh pensioners of the country. More than 73 lakh pensioners of Employees’ Provident Fund Organization (EPFO) will now be able to get pension together. For this, the government is preparing to set up a central pension distribution system. The EPFO ​​meeting is going to be held on July 29 and 30 in this regard. According to the information, this proposal can get green signal in this meeting.

In fact, at present, 138 regional offices of EPFO ​​in the country send pension to the accounts of pensioners of their area. Due to which pensioners get the pension amount in their account at different days and times. If this system continues to be approved, then pension amount can be sent in one go to the accounts of more than 73 lakh pensioners across the country.

Let us tell you that in the 229th meeting of CBT held on 20th November, 2021, the trustees had approved the proposal for development of centralized IT based system by C-DAC. The Labor Ministry had said after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

With the implementation of the centralized system, EPFO ​​subscribers will get many benefits. With this there will be no duplication, as well as multiple PF accounts of a member will become a single account after merger. If someone changes jobs then the hassle of transferring PF account will also end.

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The Union Labor and Employment Minister Bhupendra Yadav launched the Face Authentication Technique facility for pensioners, the Labor Ministry said in a statement. Earlier, the Central Board of Trustees (CBT), the apex body of EPFO, in its 231st meeting gave in-principle approval to the proposal for centralized distribution of pension to further improve EPFO ​​services for pensioners. It said it would be launched in various phases and the modalities would be further developed.

Yadav also introduced Pension and Employee Deposit Linked Insurance Scheme calculator which provides online facility to the pensioner and family members to calculate various benefits of pension and death linked insurance benefits. He also released the training policy of EPFO ​​which aims to develop the officers and employees of EPFO ​​into a competent, responsible and future ready worker. Under the training policy, 14,000 employees will be trained every year for eight days and for this, three percent of the salary budget will be kept.

Yadav also released the legal framework document which aims to make EPFO ​​an efficient and responsible litigant to ensure the conduct of litigation in a coordinated and time bound manner. He also laid the foundation stone of Regional Office Building, Udupi in a virtual program. Bhoomi Pujan was performed locally by Udupi Legislative Assembly MLA K Raghupati Bhat.

The CBT also approved the appointment of Citibank as the custodian of securities of EPFO ​​for a period of three years. A proposal to extend the tenure of the existing security custodian Standard Chartered Bank till the new custodian assumes charge was also approved.

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Employees’ Provident Fund Organization (EPFO) in its meeting to be held on July 29 and 30 will approve it after considering the proposal for setting up of Central Pension Distribution System (EPFO Pension Plan). With the establishment of this system, pension will be transferred in one go to the accounts of 73 pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the accounts of the beneficiaries of their area. In such a situation, pensioners get pension on different days and times.

A proposal to set up a central pension distribution system would be taken up in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a source said. The source said that after the installation of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously.

The source said that all the regional offices deal with the needs of the pensioners of their area differently. This allows pensioners to be paid pension on different days. In the 229th meeting of the CBT held on November 20, 2021, the Trustees had approved the proposal for development of a centralized IT based system by C-DAC.

The Labor Ministry said in a statement after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

The post EPFO Pension Plan: Now money will reach the account of 73 lakh pensioners simultaneously, know what EPFO ​​is preparing first appeared on Rightsofemployees.com.

A source told news agency PTI- Bhasha that a proposal for the formation of a central pension distribution system will be proposed in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30.

Further quoting the source, the report said that after the installation of this system, the distribution of pension will be done on the basis of the database of 138 regional offices, so that 73 lakh pensioners will be given pension simultaneously.

It was also informed that all the Regional Offices deal with the needs of the pensioners of their area differently. This allows pensioners to be paid pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the Trustees approved the proposal of C-DAC to develop a centralized IT based system. The Labor Ministry had said in a statement after the meeting that thereafter the details of regional offices would be shifted to the central database in a phased manner. This will facilitate the operation and delivery of services.

At present, 138 regional offices of EPFO ​​transfer pension to the accounts of the beneficiaries of their area. In such a situation, pensioners get pension on different days and times. 

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The Employees’ Provident Fund Organization (EPFO) may approve a proposal to increase the investment limit in shares and related investment products from the existing 15 per cent to 20 per cent. The proposal is likely to be approved in the meeting of EPFO ​​trustees to be held on July 29 and 30. At present, the EPFO ​​can invest five per cent to 15 per cent of the investment eligible deposits in equity or equity related schemes.

Investment limit can be made up to 20%

The proposal to increase this limit to 20 per cent has been considered and approved by the Finance Audit and Investment Committee (FAIC) of EPFO. The recommendation of FAIC will be placed before the Central Board of Trustees (CBT), the apex decision making body of EPFO, for consideration and approval. According to a PTI report, the source said that the Central Board of Trustees, headed by the Union Labor Minister, may approve an increase in the investment limit in equity and equity related schemes of FAIC from the existing five to 15 per cent to 20 per cent.

In a written reply to a question in the Lok Sabha, Minister of State for Labor and Employment, Rameshwar Teli on Monday said that the FIAC, a sub-committee of the CBT, has recommended to consider raising the equity and equity related investment limit from 5-15 per cent to 5-20 per cent. .

Investment in

ETF

s was approved in August 2015

EPFO had approved investment in Exchange Traded Funds (ETFs) in August 2015. At that time, five per cent of investible deposits were invested in equity-linked products. For the current financial year, it has been increased to 15 percent.

Teli also said that EPFO’s return on equity related investments has increased to 16.27 per cent in 2021 from 14.67 per cent in 2020-21. However, trade unions have been opposing EPFO’s investment in the stock market. The reason for this is that there is no government guarantee on this investment.

Apart from this, let us tell you that in this meeting a decision can be taken regarding the formation of Central Pension Disbursal System. 73 lakh pensioners will get the benefit of this and pension can be transferred to everyone’s account simultaneously. At present EPFO ​​has 138 regional offices. All these offices give benefit to the beneficiaries in their pension account according to their own. In such a situation, pensioners get pension on different days and at different times.

The post EPFO Alert: EPFO ​​may increase the limit of investment in shares, trustees’ meeting expected to approve the proposal first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

The post Good News for EPFO ​​Subscribers! Minimum pension may increase three times soon first appeared on Rightsofemployees.com.