Finance Minister: There is big news for EPFO subscribers. A parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers from the existing Rs 1,000 per month.
EPFO News: Important news for EPFO subscribers. The government has rejected the proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers. After this, a parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension from the existing Rs 1,000 per month. However, the amount of the increase proposed by the Labor Ministry is not known.
Big blow to EPFO subscribers
According to the information, top officials of the Ministry of Labor and EPFO on Thursday informed the Parliamentary Standing Committee on Labor under the chairmanship of BJD MP Bhartrihari Mahtab about the operation of the EPF pension scheme and the management of its fund. The officials informed the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension. After this, the committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this subject.
In fact, the committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs 2,000. The committee had made this proposal in view of rising inflation.
Change in pension scheme
Significantly, the EPFO has agreed to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95) to employees retiring in less than six months. Till now Employees’ Provident Fund Fund (EPFO) subscribers are allowed to withdraw deposits from Employees’ Provident Fund account only if there is less than six months of service left. This decision means that now the subscribers of EPFO will be able to withdraw money from the pension fund as well.
