EPFO CBT Meeting: The 229th meeting of the Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organization (EPFO), was held on 20 November 2021.
This meeting was organized in New Delhi under the chairmanship of Union Labor and Employment Minister Shri Bhupendra Yadav. In which some decisions were expected to be taken regarding PF interest, pension etc. Now what decision was taken in this meeting, let us know it in detail.
What Happened In EPFO CBT Meeting 2021?
The CBT board of EPFO consists of representatives of trade unions on behalf of workers, representatives of corporates on behalf of owners/companies and officials of labor department. Decisions regarding the PF of the employees are taken by the CBT board. What decisions have been taken in this CBT meeting on 20 November 2021. We are trying to make it in a very simple way.
EPS 95 pension latest news 2021 today
Lakhs of pensioners of the country were waiting for the increase in the EPF minimum pension. However, the Hon’ble Supreme Court has ruled in favor of the employees on higher pension (eps 95 pension) . On which the matter is pending with the reconsideration petition of the Central Government and the EPFO Department.
Since then, there was an expectation of increase in the Employee Pension Scheme. If media reports are to be believed, the Standing Committee of Parliament has given its recommendations. After which the EPFO CBT was expected to conclude in this meeting. While the pensioners have got disappointment in this regard too. No decision has been taken by EPFO on pension hike this time.
EPF interest rate 2021 22 latest news
Crores of PF account holders were expected to decide on the PF interest rate 2021-22 (EPF interest rate 2021-22). On which no decision has been taken in this CBT meeting. Now last month’s PF interest rate of 8.5% for the financial year 2020-21 has been issued. Now it is to be seen that how much interest rate is fixed for PF interest financial year 2021-22. Which will probably be decided only in the next CBT meeting.
Will PF Transfer Automatically?
At present, an important decision has been taken for the employees in this CBT meeting. In which it has been said that such a system will be made by EPFO in the coming time. Due to which the PF account of the old company will be automatically transferred to the PF account of the new company as soon as the PF account holder changes the job.
Till now, employees had to submit a manual request for transfer of old PF to new PF. Due to which PF members will get rid of them in the coming time. Which is an important and good news decision for the employees.
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