EPFO is going to take important decisions regarding PF and EPS pension, you will have direct impact

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The government is in the process of getting a higher return on the amount deposited in the Provident Fund (PF) account. The Labor Panel constituted by the Parliamentary Committee will work in this direction. Three people associated with this development have given this information.

The Labor Panel constituted last month is scheduled to meet next week. In the first meeting itself, the panel will brainstorm the management, performance and investment of Rs 10 trillion fund under the Employees Provident Fund Organization (EPFO). Along with this, the panel will also consider how to make EPFO ​​more profitable for those working in organized and unorganized sector. Significantly, in the last one year there has been no investigation of the management of EPFO ​​and its fund. A person associated with this said that now the fund managers are investing its funds in the market, then we want to assess it. The panel members will also assess the impact on EPFO ​​funds due to corona virus and lockdown.

Also Read: EPFO will soon send interest to your account, know the balance of your PF account by missed call …

Plan to increase social security

The central government aims to provide security and social security to the unorganized workers in old age. Social security to the rickshaw drivers, street vendors, head loaders, brick kiln laborers, cobblers, rag pickers, domestic workers, agricultural construction workers etc. mainly through the Centre’s ambitious scheme Pradhan Mantri Shram Yojana-Dhan Yojana (PM-SYMY) Has to be strengthened. EPFO was earlier only for the organized sector but the central government has also included unorganized sector in it.

There will be discussion on increasing the pension amount

A person associated with the development said that in the meeting of the Committee on PF Fund held on Wednesday to ensure easy availability of funds to families in case of pension scheme, increase in pension under Employees Pension Scheme (EPS) and death of account holder. There will also be discussion on doing. We are demanding that the minimum pension under the EPS scheme be increased to Rs 5,000 monthly. Many trade unions and labor organizations have also been demanding increase in pension amount for some time.

Will submit report in winter session of parliament

The Parliamentary Committee on PF Fund will hold several meetings to discuss the issue and submit its detailed report to Parliament in the winter session. Members of the committee have asked representatives of the Ministry of Labor to look into the provisions made for workers in organized and unorganized sector in other countries. It is possible that this issue should be discussed in the meeting on Wednesday.

– There will be discussion on raising pension under Rs 5000 EPS

– Emphasis on better utilization of EPF fund of Rs 10 trillion

– EPFO ​​is now paying interest at 8.50 percent on EPF