Employees Pension Scheme

04 APR 2022

The has been framed by the Central Government in accordance with the powers conferred by section 6A of the Employees’ Provident Funds and Miscellaneous Provisions (EPF and MP) Act, 1952. The EPS-95 came into force on 19.11.1995. Review and revision of schemes is an ongoing process. The provisions of the EPS-95 are reviewed from time to time based on the recommendations of the Expert Committee and the High Empowered Monitoring Committee as well as taking into account the actuarial evaluation of the Employees’ Pension Fund. Some of the important amendments made in EPS-95 are as under:

• Increase in wage ceiling from Rs. 6500/- to Rs.15000 per month from 01.09.2014.
• Provision of a minimum pension of Rs. 1000 per month to the pensioners under EPS, 1995 from 01.09.2014 by providing additional budgetary support wherever the pension was falling short of Rs.1000 as per pre-defined formula for calculation of pension.
• Restoration of normal pension after completion of fifteen years from the date of such commutation, in respect of those members who availed the benefit of commutation of pension under the erstwhile paragraph 12A of the EPS, 1995, on or before 25.09.2008 vide notification G.S.R.132(E) dated 20.02.2020.

The Union of India and the Employees’ Provident Fund Organisation (EPFO) have challenged the judgement dated 12.10.2018 of Hon’ble Kerala High Court, which set aside the 2014 amendments to the EPS-95, in the Hon’ble Supreme Court. The Hon’ble Supreme Court vide its order dated 24.08.2021 in Special Leave Petition (C) Nos.8658-8659 of 2019 and other connected cases directed to refer the matters to a Bench of at least three Judges. The matter is now sub-judice.

The Code on Social Security, 2020 (36 of 2020), was notified on 29.09.2020, which subsumes 9 Central labours laws including the EPF and MP Act, 1952. Section 15 of the new Code envisages to frame various schemes including pension for the employees and their family members. However, the said Code has not yet come into force.

This information was given by the Minister of State for Labour & Employment, Shri Rameswar Teli in a written reply in Lok Sabha today.

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Ministry of Labour & Employment
CPFC Directs to Ensure Credit of Pension to EPS Pensioners by 30th March

26 MAR 2020

EPFO makes payment of pension to 65 lakh pensioners every month under the Employees pension Scheme, 1995.

Central Provident Fund Commissioner (CPFC) had directed to process pension payments in all 135 offices of EPFO in advance so that no inconvenience is caused to pensioners on account of nationwide lock down for containing Covid-19 outbreak.

EPFO officers and staff worked with dedication under most difficult circumstances but completed the processing of pension payments in all 135 offices and provided pensioner wise pension payment details for 65 lakh pensioners alongwith requisite cheques to all pension disbursing banks. Link nodal branches of all pension disbursing banks throughout India have been directed to ensure credit of pension in the accounts of pensioners by 30th March, 2020. Thus timely credit of pension at this hour of need has been ensured by all 135 field offices. EPFO is committed to serve its pensioners at all times.

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Ministry of Labour & Employment
Employees’ Pension Scheme (Amendment) Scheme, 2020

16 MAR 2020

Representations have been received from individual Employees’ Pension Scheme (EPS), 1995 pensioners as well as various pensioners associations raising issue of amendments in EPS, 1995 as well as demands, inter-alia, regarding enhancement of minimum monthly pension and restoration of commuted value of pension.

Considering the demands of EPS, 1995 pensioners, the Government had constituted a High Empowered Monitoring Committee for complete evaluation and review of EPS, 1995. Based on Committee’s recommendation, the Government vide Notification G.S.R. No. 132(E) dated 20.02.2020 has notified decision to restore normal pension after completion of fifteen years from the date of such commutation, in respect of those members who availed the benefit of commutation of pension under the erstwhile paragraph 12A of this Scheme, on or before the 25th day of September, 2008.

The State / UT-wise details of number of employees enrolled under EPS, 1995 at present are at Annexure I.

Annexure I

State / UT-wise details of number of employees enrolled under EPS, 1995

The State/UT-wise details of the amount distributed under EPS, 1995 during each of the last three years including the current year are at Annexure II.

Also check: MACP – MODIFIED ASSURED CAREER PROGRESSION SCHEME FOR THE CENTRAL GOVERNMENT CIVILIAN EMPLOYEES ORIGINAL ORDER DATED MAY 2009

Annexure I

State / UT-wise details of the amount (in Rs.) distributed under EPS, 1995

This information was given by Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in written reply to a question in Lok Sabha today.

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MORE THAN 39 LAKHS BENEFICIARIES ENROLLED IN PM-SYM AND MORE THAN 20,000 IN NPS- TRADERS

1,52,778 ESTABLISHMENTS COVERING 1,21,65,587 EMPLOYEES BENEFITTED UNDER PMRPY

30 DEC 2019

Ministry of Labour and Employment has taken a number of initiatives for bringing transparency and accountability through reforms and enforcement of Labour Laws, with the objective of strengthening the safety, security, health, social security for every worker and bringing ease of compliance for running an establishment to catalyze creation of employment opportunities. These initiatives include governance reforms through use of e-governance measures and legislative reforms by simplifying, amalgamating and rationalizing the existing labour laws into 4 labour codes. Two mega pension schemes were launched during the year for old age protection and social security of unorganized workers.

LEGISLATIVE INITIATIVES: LABOUR LAW REFORMS

Labour Codes: As per the recommendations of the 2nd National Commission on Labour, Ministry has taken steps for codification of existing Central labour laws into 4 Codes by simplifying, amalgamating and rationalizing the relevant provisions of the Central Labour laws. At present, the Ministry has been working on to simplify, amalgamate & rationalize the provisions of the existing Central labour laws into 4 Labour Codes.

(I) Labour Code on Wages: The Code on Wages, 2019 subsumes 4 existing Laws, viz. the Minimum Wages Act, 1948; the Payment of Wages Act, 1936; the Payment of Bonus Act, 1965; and the Equal Remuneration Act, 1976. It has been passed by both Houses of the Parliament and assented to by the President on 08.08.2019.

(II) Labour Code on Industrial Relations: The draft Labour Code on Industrial Relations subsumes the existing Laws viz. The Trade Union Act, 1926; The Industrial Employment (Standing Orders) Act, 1946; The Industrial Disputes Act, 1947. The Code has been introduced in the Lok Sabha on 28.11.2019.

(III) Labour Code on Social Security & Welfare: The draft Code on Social Security subsumes 09 Labour Acts like: The Employees’ Compensation Act, 1923, The Maternity Benefit Act, 1961, The Payment of Gratuity Act, 1972, The Unorganized Workers’ Social Security Act, 2008 etc.

The Code has been introduced in Lok Sabha on December 11, 2019.

(IV) Labour Code on Occupational Safety, Health & Working Conditions: The Occupational Safety, Health & Working Conditions Code, 2019 subsumes the 13 Labour Acts like: The Factories Act, 1948, The Plantation Labour Act, 1951, The Mines Act, 1952, The Building and Other Constructions Workers’ (Regulation of Employment and Conditions of Service) Act, 1996 etc.

The Occupational Safety Health & Working Conditions Code, 2019 was introduced in the Lok Sabha on 23.07.2019. Presently, the Code has been referred to the Parliamentary Standing Committee on Labour for examination.

GOVERNANCE REFORMS THROUGH TECHNOLOGY

Shram Suvidha Portal:

The Ministry of Labour & Employment has developed a unified Web Portal ‘Shram Suvidha Portal’, to bring transparency and accountability in enforcement of labour laws and ease complexity of compliance.

Allotment of unique Labour Identification Number (LIN) to Units after registration to facilitate online inspection & compliance was started on the Portal with its launch on 16.10.2014 itself. Unique Labour Identification Number (LIN) has been allotted to 27,81,065 units as on 08.11.2019.

Transparent Labour Inspection Scheme in Central Sphere was started on the Portal with its launch on 16.10.2014 itself. Since the launch of the Labour Inspection Scheme, 5,24,189 inspection reports across the four Central Labour Enforcement Agencies have been uploaded on Shram Suvidha Portal.

ONLINE RETURN – Unified Online Annual Returns have been made mandatory in respect of eight (8) Central Labour Acts, namely, the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Maternity Benefit Act, 1961, the Payment of Bonus Act, 1965, the Industrial Disputes Act, 1947.the Contract Labour (Regulation and Abolition) Act, 1970, the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979, and the Building and Other Construction Workers (Regulation of Employment and Condition of Service) (BOCW) Act, 1996. These Returns which were half yearly/annually earlier, now need to be filed by all employers annually only and are to be filed online. 1,08,711 online returns have been filed on the Shram Suvidha Portal as on 08.11.2019 Since launch of the Online Annual Return.

31,047 online returns have been filed on the Shram Suvidha Portal till November 08, 2019 under Mines Act, 1952 (Coal Mines Regulations, Metallurgical Mines Regulations and Oil Mines Regulations).

Unified monthly Electronic Challan-cum-Return (ECR) for EPFO and ESIC has been made operational.

COMMON REGISTRATION: Common Registration form for EPFO and ESIC has been made operational. 1,27,544 units have been registered with EPFO & 1,07,681 units have been registered with ESIC as on November 08, 2019.

Common Registration under three Central Acts namely the Building and Other Construction Workers (Regulation of Employment and Condition of Service) Act, 1996, the Inter-State Migrant Workmen (Regulation of Employment and conditions of Service) Act, 1979 and the Contract Labour (Regulation and Abolition) Act, 1970 is being provided online on Shram Suvidha Portal. 6052 registrations have been issued using this facility as on 08.11.2019.

Licenses under two Central Acts, namely, the, Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 and the Contract Labour (Regulation and Abolition) Act, 1970 have been made online. 20,316 licenses have been issued using this facility as on 08.11.2019.

State Integration

Integration of States with Shram Suvidha Portal is under way. As on date, Haryana, Gujarat, Rajasthan, Uttar Pradesh, Madhya Pradesh, Maharashtra, Punjab, Uttarakhand and Delhi are being integrated with the Portal. Data is being shared and LIN is being allotted to the establishments covered by the state labour enforcement agencies.

Start Up India

Facility for exemption from Labour Inspections under six (6) Central Labour Acts is being provided to the Start-ups which submit self certified declarations through Shram Suvidha Portal.

State/UT Governments have been advised to regulate the inspections for the Start-Ups, wherever applicable and extend the self-certification compliance regime from 3 years to 5 years. 27 States/UTs have taken action on the advisory dated 12.01.2016 /06.04.2017 issued by this Ministry for self-certification and to regulate inspection under the four (4) labour laws viz. the Building & Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996, the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979,the Payment of Gratuity Act, 1972 and the Contract Labour (Regulation and Abolition) Act, 1970 for the start-ups wherever applicable.

Social Security Schemes

Government of India has launched two pension schemes for old age protection and social security of Unorganised Workers in 2019.

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a voluntary and contributory pension scheme, was launched in February, 2019 for the benefit of unorganized workers. It is central sector scheme open to unorganised workers, whose monthly income is Rs.15000/- or below and who has an Aadhar number as well as savings bank / jan-dhan account. The minimum age for joining the scheme is 18 years and the maximum is 40 years. Under the scheme, minimum assured monthly pension of Rs.3000/- will be provided to the beneficiaries from the age of 60 years onwards. Enrolment to the Scheme is done through the Common Service Centres, with its network of 3.50 lakh Centres across the country. In addition eligible persons can also self-enroll through visiting the portal www.maandhan.in. Under the scheme, the subscriber is required to pay the prescribed monthly contribution amount and the Central Government provides equal contribution. Life Insurance Corporation of India (LIC) is the Pension Fund Manager and shall be responsible for pension pay-out. Total number of 39,00,525 beneficiaries under PM-SYM have been enrolled as on 10.12.2019.

National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons has been launched on 12.09.2019. It is a voluntary and contributory pension scheme. Enrolment to the Scheme is done through the Common Service Centres, with its network of 3.50 lakh Centres across the country. In addition eligible persons can also self-enroll through visiting the portal www.maandhan.in. The traders in the age group of 18-40 years with an annual turnover, not exceeding Rs.1.5 crore and who are not a member of EPFO /ESIC/ NPS/ PM-SYM or an income tax payer, can join the scheme. Under the scheme, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government. Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs.3,000/-. Total number of 20,000 beneficiaries under NPS-Traders have been enrolled as on 10.122019.

Pension Week was also celebrated in all the States/UTs w.e.f. 30th November to 06th December, 2019 in coordination with Common Service Centres, to increase the enrolments under both the Schemes, i.e. PM-SYM and NPS-Traders. A Central level function was inaugurated on 30.11.2019 by Minister for Labour and Employment launching the Pension Week/Pension Saptah. All the State Governments/UT Governments were requested for popularizing and bringing more awareness about the scheme. The progress of the Scheme is being reviewed regularly in the Ministry for taking initiatives under Mission Mode.

Major Steps Taken In EPFO

Three new apps to improve service delivery of subscribers were launched by Shri Santosh Kumar Gangwar, Minister of State (I/C) for Labour and Employment on EPFO Foundation Day. The details of three important digital initiatives of EPFO are as under:

1. Online Facility for UAN generation by worker: Now any workers can obtain Universal Account Number (UAN) directly on EPFO website which enrolls them for PF, Pension and Life Insurance benefits and a worker need not depend on his employer alone for UAN. This is in the direction of ease of living and ensuring universal social security.
2. EPS Pensioner’s PPO in DigiLocker website / Application (APP) EPFO integrates with DigiLocker of NeGD to create depository of electronic PPOs which is accessible to individual pensioners. This is a move towards paperless system and ease of living for pensioners.
3. e-Inspections: Digital interface of EPFO with employers: The E-Inspection Form would be available in user login of employers not filing ECR which enables employer to inform either closure of business or unpaid dues with proposal for payment. It will nudge employers for compliant behavior and prevent undue harassment of non-willful defaulters and eliminate inspector raj.

Central Board of Trustees, EPF recommends crediting of 8.65% rate of interest on Accumulations in the EPF Member’s Account for the year 2018-19:

In 224th meeting of the Central Board of Trustees, EPF under the chairmanship of Union Minister of State for Labour and Employment (I/C) Shri Santosh Kumar Gangwar, the Central Board recommended crediting of 8.65 % rate of interest on the EPF accumulations in the EPF member’s account for the year 2018-19.

New Initiatives taken in Central Board of Trustees (CBT) meeting held on 21 August 2019:

1. Amendment in Employees’ pension Scheme 1995:

In a major decision, the Central Board of Trustees (CBT) EPF in a meeting held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees’ Pension Scheme (EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakhs pensioners. This was a long pending demand of the pensioner

2. Launch of Revamped EPFIGMS 2.0 Version:

The Chairman CBT also launched the revamped EPFIGMS 2.0 version which will benefit more than 5 crores subscribers and lakhs of employers by speedy and smooth resolution of grievances.

Selection of ETF Manufacturers: The Board approved the decision to choose the Exchange Traded Fund (ETF) manufacturers through public bidding by 30/10/2019, extension of the term of the present ETF manufacturers (SBI MF and UTI MF) till then and also to authorized the Finance Investment & Audit Committee (FIAC) to conduct the exercise of choosing ETF manufacturers.

Allocation of investment in Nifty 50 and Sensex: The Board approved the proposal that the fund allocation between Nifty 50 and Sensex ETFs be divided evenly, i.e. in the ratio of 50% to 50%.

Appointment of a Consultant in addition to M/s. CRISIL Ltd: The Board approved the nomination of members from employer’s and employee side in a Committee constituted to select and appoint a separate Agency/Consultant in addition to M/s. CRISIL limited, inter-alia to review the working of the Portfolio Managers (PMs), assist the investment Committee in redemption of ETFs, etc.

Appointment of Portfolio Managers for managing funds of Central Board, EPF: The Central Board approved Request for Proposal (RFP) document for appointment of Portfolio Managers and recommendation of the FIAC on appointment of Portfolio Managers.

Exercise of early redemption options available in DHFL Bonds: The Board approved for early redemption option in DHFL bonds recommended by FIAC.

Major Steps Taken In ESIC

Rate reduction in ESI Contribution- The ESI Corporation has reduced rates of ESI Contribution being paid by employees and employers covered under ESI Scheme from 6.5 % (Employees’ share 1.75% & Employers’ share 4.75%) to 4% (Employees’ share 0.75% & Employers’ share 3.25%) with effect from 01.07.2019. This reduction of contribution rates, will ensures financial relief to employers and employees. However, the healthcare benefits under the ESI scheme will remain the same. The decision will benefit 36 million workers and 1.28 million employers.

Health Passbook for ESI Beneficiaries – ESIC has introduced a Health Passbook for ESI Beneficiaries in Phased manner. This Health Passbook serves as a user-friendly mechanism for beneficiary identification, recording of clinical finding and consultation advice by the Insurance Medical Practitioner(s). Salient feature of Health Passbook is as under: –

• Separate Passbook with Unique Health ID, QR code and photograph of Insured Persons and his/her family members.
• Serves for beneficiaries identification & recording of clinical findings and consultation advice by ESI Doctors/ IMPs.
• Passbook would be issued by the ESIC Branch Offices in a phased manner.

Insured Persons of ESIC from newly implemented area to get treatment under Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PMJAY): ESIC has decided to provide cashless medical care services to entitled Insured Persons and Beneficiaries under Ayushman Bharat package rates in newly implemented area of 102 designated Districts through PMJAY empanelled hospitals up to a maximum limit of Rs.5.00 lakh, beyond which individual case will be channelled to ESIC for seeking approval for further expenditure on ESI beneficiaries. Similarly, PMJAY beneficiaries may get in-house medical treatment services as per Ayushman Bharat approved packages from underutilized ESI Hospitals.

ESIC – Chinta Se Mukti app launched – The Corporation has also launched the ESIC “Chinta Se Mukti” app available on the UMANG platform to facilitate stakeholders to view contribution details, eligibility for benefits, claim status, etc. in their Mobile Handset.

Extending medical benefits to Non-IPs – The Corporation has extended its medical services to Non-Insured Persons (General Public) in its under-utilized hospitals. Now, Non-IPs can avail medical services from underutilized ESIC Hospital, at Alwar (Rajasthan), Bihta (Bihar), Gulbarga (Karnataka), Bareilly Varanasi, Sarojani Nagar (Lucknow) & Jajmau (Kanpur) on a nominal charge of Rs.10/- for OPD Consultation and at 25% of CGHS package rates for IPD.

Unified Website – In order to maintain the corporate identity of ESIC and to have a repository of common information, and also to have uniformity in design and content, a Unified Website www.esic.nic.in has been launched. All the Regional Offices/Sub-Regional Offices, ESIC Hospitals and ESIC Medical Institutions & Hospitals have been made part of this single unified website.

ESIC- contributing excellence in sports – ESIC had recruited 135 meritorious sports persons including Shri Pramod Bhagat, ace para-shuttler from all across India during the year 2016. Shri Pramod Bhagat, an ESIC employee at Regional Office, Bhubaneswar has received prestigious Arjuna Award for the current year on 29th Aug., 2019. Shri Pramod Bhagat has many tournaments to his credit including five international titles in six tournaments he participated. He won a gold medal in the men’s singles SL3 category at the BWF Para-Badminton World Championships in Basel. Bhagat said he is now focusing to clinch a gold medal in the Olympics.

Strengthening of Medical Infrastructure – In order to provide in-house quality medical services in the major ESIC Hospitals, of late, ESIC has procured state-of-the-art medical equipments viz. MRI, CT Scan etc. for ICU, Secondary & Super Speciality care.

National Career Service Project-(NCS) – The Ministry is implementing the National Career Service (NCS) Project as a Mission Mode Project for transformation of the National Employment Service to provide a variety of employment related services like career counselling, vocational guidance, information on skill development courses, apprenticeship, internships etc. The services under NCS are available online and can be accessed directly, through Career Centres, Common Service Centres, post offices, mobile devices, cyber cafes etc. The various stakeholders on the NCS platform include job-seekers, industries, employers, employment exchanges (career centres), training providers, educational institutions and placement organizations.

The progress of NCS Portal is given below:

NATIONAL CAREER SERVICE

With the increased focus of Government on Career Counselling, the Ministry proposes to create a network of Career Counsellors where the Career Centres will become the hub of Career Counselling in their area. Under the process, 5645 Active Career Counsellors from various States/UTs have got registered at NCS Portal.

The NCS Project also envisaged setting up of Model Career Centres (MCCs) to be established in collaboration with States and other institutions to deliver employment services. Approval for 146 MCCs has been accorded (including 07 MCCs on non-funding basis). These model centres can be replicated by the States from their own resources. The Government now, keeping in view of the importance of the employment as a thrust area in Government Schemes, and to provide employment related services to maximum job seekers and other stakeholders has decided to establish 100 more Model Career Centres (MCCs) thereby extending the geographical coverage of the scheme increasing number of Government funded MCCs to 200 during 14th Finance commission (2017-2020). Proposals were received from different States. On the recommendations of the Appraisal Committee, Government has approved 171 (including 07 on non-funding basis) Model Career Centres. Further 37 more model career centers have been recommend by the Inter Ministerial Appraisal Committee in the meeting held on November 20, 2019.

National Career Service Centres for Differently Abled (NCSC-DAs): 21 National Career Service Centres for Differently Abled (NCSC-DAs) are functioning in the country under the administrative control of Directorate General of Employment, M/O Labour & Employment. These Centres evaluate residual capacities of Persons with Disabilities, provide Vocational Training, and extend Vocational Rehabilitation assistances etc. to Persons with Disabilities (PWDs). The Services of NCSC-DAs are open to Persons with Disabilities irrespective of the gender and education in the category of Locomotor, Visual & Hearing impaired, Mild Mental Retardation and Leprosy Cured.

6644 Candidates have been rehabilitated upto October 31, 2019 by NCSC-Das.

National Career Service Centre Centres (NCSCs) for SC/STs; Directorate General of Employment is implementing the scheme for “Welfare of SC/ST job seekers through Coaching, Vocational Guidance and Training and Introduction of new courses in existing National Career Service Centre Centres (NCSCs) for SC/STs and Establishment of new NCSCs in the States not covered so far” Under the scheme, National Career Service Centre Centres (NCSCs) for SC/STs has been set up by Govt. of India, Ministry of Labour& Employment, DGE to enhance the employability of SC/ST job seekers through coaching/training. So far 25 National Career Service Centre Centres for SCs/STs have been set up.

67761 candidates have been provided guidance and counselling services, 5621 students were trained in typing and shorthand and 1050 candidates were trained in computer skills by NCSC-SC/STs upto October 31, 2019.

Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) – Under the scheme, Government of India is paying Employer’s full contribution i.e. 12% towards EPF and EPS both (as admissible from time to time) for a period of three years to the new employees through EPFO.

This scheme has a dual benefit, where, on the one hand, the employer is incentivised for increasing the employment base of workers in the establishment, and on the other hand, a large number of workers will find jobs in such establishments. A direct benefit is that these workers will have access to social security benefits of the organized sector. All the beneficiaries under this scheme are Aadhaar Seeded.

152778 Establishments covering 12165587 Beneficiaries have benefitted till November 25, 2019 under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).

BRIEF OF WORKERS EDUCATION SCHEME

The Dattopant Thengadi National Board for Workers Education & Development (renaming of CBWE), an autonomous body under the Ministry of Labour & Employment, Government of India conducts the Workers Education Programmes of varied nature and duration in the country through its 50 Regional and 7 Sub-Regional Directorates spread Kashmir to Kannyakumari and Leh and laddakh for all categories without making any distinction on the basis of male and female in Organised, Unorganised and Rural Sectors. The DTNBWED training programmes aim at creating desired awareness among the workers in general and unorganized/ rural workers in particular about their rights and entitlements under various welfare schemes of the Central / State government etc.

The Board has organized 1625 training programme organized sector workers, 1120 programme conducted for unorganized and 150 for rural workers.

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Ministry of Labour & Employment
Hike in Pension

25 NOV 2019

Government of India in February, 2019 launched Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a voluntary and contributory pension Scheme, for the benefit of unorganized workers, as per eligibility. The scheme assures minimum monthly pension of Rs. 3000 to the beneficiaries after attaining the age of 60 years. All unorganized workers, in the age group of 18-40 years, whose monthly income is up to Rs. 15,000 and who are not members of Employees’ Provident Fund Organization or Employees’ State Insurance Corporation or National Pension System (Government contributed) and are also not income tax payers, are eligible to enroll under the Scheme. The subscriber is required to pay the prescribed monthly contribution amount and the Central Government provides the equal matching contribution. This Scheme is implemented through Life Insurance Corporation of India. Enrollment under the Scheme can be done through any of the Common Service Centres across the country.

Also check: Hike Pensioners pay who is at the age of 80 yrs and above of Maharashtra Pensioners from 1.1.2019

Further, vide notification No. G.S.R. 593 (E) dated 19.08.2014, a minimum pension of Rs. 1000 per month has been fixed with effect from 01.09.2014 for the pensioners under Employees’ Pension Scheme (EPS), 1995 framed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, applicable to establishments which belong to industries and classes of establishments listed in Schedule-I and where number of employees is 20 or more. No decision has been taken at present to further enhance the minimum pension under EPS, 1995.

Further, Atal Pension Yojana (APY) was launched in May, 2015, by the Government of India, and Indian Citizens between the age group of 18 to 40 years are eligible to join APY through their savings bank account or post office savings bank account. Depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000/- per month or Rs. 2000/- per month or Rs. 3000/- per month or Rs. 4000/- per month or Rs. 5000/- per month, after the age of 60 years until his/her death.

This information was given by Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in written reply to a question in Lok Sabha today.

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Central Board of Trustees (CBT) approved the proposal to recommend for amendment in Employees Pension Scheme (EPS) 1995

Ministry of Labour & Employment

CBT Approved Proposal to Recommend Amendment in EPS 1995
225th meeting of CBT held on 21st august, 2019 at Hyderabad

22 AUG 2019

In a major decision, the Central Board of Trustees (CBT) EPF in a meeting held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees’ Pension Scheme (EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakhs pensioners. This was a long pending demand of the pensioners.

The Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar whose also Chairman CBT, while addressing the CBT expressed satisfaction that Employees’ Provident Fund Organisation (EPFO) is settling more than 91 % claims of EPF members in online mode and lauded the efforts made to improve services for settlement of claims of family of deceased members and EPF call centre function 24 by 7.

He also appreciated the good governance strategy adopted by EPFO in saving of Rs.22 crores p.a. due to negotiating reduced OD charges increased FD interest and waiver of collection charges by SBI and further savings of Rs.50 lakhs p.a. due to reduction in collection charges by three banks and achievement of highest yield (8.55%) by Portfolio Managers since July 2015.

The Minister released the educative booklet on seasonal employees regarding special provision in EPS’1995 regarding eligibility of seasonal employees for pension. The contents of booklet brings out the Scheme provision that contributory service in any year, even if contributory period is less than a year is treated as full year of eligible service for seasonal employee and this will help dispel doubts in minds of members/employers.

The Chairman CBT also launched the revamped EPFIGMS 2.0 version which will benefit more than 5 crores subscribers and lakhs of employers by speedy and smooth resolution of grievances.

The Board approved the proposal for Selection and Performance Evaluation of next Custodian by the new Consultant which will be appointed on the basis of Report of Five Members’ Committee constituted by the CBT for the purpose.

In the matter of coupon default of IL&FS Ltd, the Board nominated three officers of Investment Division of EPFO to attend the Debenture – Holders’ Meeting that may be held in future and if need be, vote on behalf of the Central Board, EPF.

Selection of ETF Manufacturers: The Board approved the decision to choose the Exchange Traded Fund (ETF) manufacturers through public bidding by 30/10/2019, extension of the term of the present ETF manufacturers (SBI MF and UTI MF) till then and also to authorized the Finance Investment & Audit Committee (FIAC) to conduct the exercise of choosing ETF manufacturers.

Allocation of investment in Nifty 50 and Sensex: The Board approved the proposal that the fund allocation between Nifty 50 and Sensex ETFs be divided evenly, i.e. in the ratio of 50% to 50%.

Appointment of a Consultant in addition to M/s. CRISIL Ltd: The Board approved the nomination of members from employer’s and employee side in a Committee constituted to select and appoint a separate Agency/Consultant in addition to M/s. CRISIL limited, inter-alia to review the working of the Portfolio Managers (PMs), assist the investment Committee in redemption of ETFs, etc.

Appointment of Portfolio Managers for managing funds of Central Board, EPF: The Central Board approved Request for Proposal (RFP) document for appointment of Portfolio Managers and recommendation of the FIAC on appointment of Portfolio Managers.

Exercise of early redemption options available in DHFL Bonds: The Board approved for early redemption option in DHFL bonds recommended by FIAC.

Consent for Transfer of Non- Convertible Debentures (NCDs) of GSPC to GSIL: EPFO has total investment of Rs.2300 Cr in GSPC NCDs. The Board approved the transfer of NCDs of GSPC to GSIL, a wholly owned subsidiary of Govt. of Gujarat and a better rated company which had made an offer to take over debt of GSPC with budgetary support of Government of Gujarat

Legal Entity Identifier Code (LEI) for participation in non- derivative markets by EPFO: In Nov’18, the Reserve Bank Of India (RBI) issued advisory to all eligible market participants in the Financial Markets to obtain LEI Code. The Board approved the nomination of the EPFO Officers as the authorized Officials to obtain LEI Code.

Withholding Investments in bonds of private sector companies: The CBT approved the decision to withhold any further investment in Private Sector Companies Bonds and to compulsorily consider one of the two required ratings necessarily from CRISIL, CARE, ICRA & India Ratings for investments in PSU Bonds category.

The Board ratified the decision of put option in NCDs of Tamil Nadu Power Finance Corporation and also approved put option in bond issued Kerala Finance Corporation & Tamil Nadu Power Finance and Infrastructure Dev. Corp. Ltd.

Shri Raghunathan, Employees’ Representative on the Central Board, EPF appreciated the efforts of the Finance Investment & Audit Committee chaired by the Central Provident Fund Commissioner in finalizing the new Portfolio Managers for investing EPFO’s corpus through a very transparent procedure. He further informed the Board that while SBI’s Fund Management Arm has quoted 94% lesser than SBI PMS in the last mandate, UTI AMC has quoted 28% lesser. This would result in huge savings in portfolio management fees by EPFO.

PIB

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GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT

LOK SABHA

UNSTARRED QUESTION NO: 1501
ANSWERED ON: 01.07.2019

EPS Pensioners of 1995

1501.SHRI Ramdas Chandrabhanji Tadas:
SHRI Prataprao Jadhav:

Will the Minister of LABOUR AND EMPLOYMENT be pleased to state:-

(a)whether the Government proposes to revise the pension laws implemented in the year 1995;

(b)whether the Government is accepting the recommendations made in the report submitted by Bhagat Singh Koshyari Committee in this regard and if so, the details thereof;

(c)whether the Government has taken or proposes to take any steps to provide atleast 7500/- rupees basic pension and dearness allowance thereon to the EPS pensioners of the year 1995 besides providing free of cost health facilities to the pensioners and their families;

(d)whether the Government has also received representatives from the EPS pensioners of the year 1995 regarding their collective demand;

(e)if so, the details thereof; and
(f)the action taken or to be taken by the Government in this regard?

ANSWER
MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)

(a): Amendment of the Employees’ Pension Scheme is a continuous process and is done as and when necessitated in consultation with stakeholders.

(b): Due to financial constraints in increase in Government share under Employees’ Pension Scheme (EPS), 1995 and to maintain sustainability of the Employees’ Pension Fund, the recommendations of the Koshiyari Committee have not been accepted. However, the Government has started providing a minimum pension of Rs. 1000/- per month to the pensioners under EPS, 1995 from 01.09.2014.

(c): A pilot scheme to extend medical benefits to Employees’ Pension Scheme (EPS) 1995 pensioners drawing minimum pension upto Rs. 1000/- per month under EPS, 1995 and residing in Delhi has been drafted. The Scheme would be optional to those pensioners who give their willingness for deduction of Rs.100/- per month from and out of their pension disbursed on monthly basis.

(d) to (f): Representations are received from individual EPS, 1995 pensioners as well as pensioners associations raising various demands like:

(i) To increase the minimum pension to Rs. 2000/ Rs. 3000/Rs. 7500 per month.
(ii) To link the monthly pension with cost of living index.
(iii) Restoration of commuted value of pension.
(iv) Re-introduction of the provision of commutation of pension.
(v) Restoration of the provision of Return of Capital.
(vi) Reduction in the period for calculation of monthly average pensionable salary from 60 months to 12 months.
(vii) Payment of pension on Higher Wages to employees of exempted establishments.

Various representations received were placed before the High Empowered Monitoring Committee constituted by the Government of India for complete evaluation and review of EPS 1995. The committee has submitted its report on 21.12.2018 to the Government.

Source: Loksabha

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GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
LOK SABHA

STARRED QUESTION NO: 23
ANSWERED ON: 24.06.2019

EPF Pension

N.K. Premachandran
Will the Minister of

LABOUR AND EMPLOYMENT be pleased to state:-

(a)whether the Government has received report from the Committee appointed for study of the issues of EPF pensioners and if so, the details thereof;
(b)the details of the recommendations of the said Committee;
(c)whether the Government has initiated action for implementation of the recommendations of the said Committee and if so, the details thereof;
(d)whether the Government proposes to increase the minimum pension for EPF pensioners and if so, the details thereof; and
(e)whether the Government also proposes to stop the realisation of amount from the pension on account of commutation of pension after realising the commuted amount and if so, the details thereof?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)

(a) to (e): A statement is laid on the Table of the House.

STATEMENT REFERRED TO IN REPLY TO PARTS (a) TO (e) OF LOK SABHA STARRED QUESTION NO. 23 TO BE ANSWERED ON 24.06.2019 BY
SHRI N.K. PREMACHANDRAN REGARDING EPF PENSION.

(a) & (b): Yes, Sir. The Committee appointed for Evaluation and Review of the Employees’ Pension Scheme, 1995, headed by Additional Secretary, Ministry of Labour and Employment has submitted the report on 21st December, 2018. The report inter-alia has given observations/ recommendations on the following issues:

• Increase of Minimum Monthly Member Pension
• Period over which the Average Pensionable Salary is calculated
• Restoration of commuted value of pension
• Re-introduction of the provision for commutation of pension
• Restoration of the provision of Return of Capital
• Linking the monthly pension with cost of living index
• Issues of payment of pension on higher/actual wages to employees of exempted establishments.

As far as pension on higher wages is concerned, the issue is sub-judice.

(c): The consultation process on the recommendations/observations on the Committee’s report has been initiated with Employees’ Provident Fund Organisation (EPFO) and Central Board of Trustees (CBT). CBT is a tripartite body representing trade unions, employers besides representatives of Central and State Governments.

(d): The decision on increase of minimum pension for EPF is dependent on the outcome of the consultation process and has impact on Budgetary resources of the Government as the Committee has recommended that increase in pension has to come from the Budgetary resources.

(e): No decision has been taken to restore the commuted value of pension, as it has implications on sustainability of the funds under Employees’ Pension Scheme, maintained by EPFO.

Source: LOK SABHA

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17 DEC 2018

As regards Employees Pension Scheme (EPS), 1995, a minimum pension of Rs. 1,000/- per month has been prescribed with effect from 01.09.2014 for the pensioners under Employees Pension Scheme (EPS), 1995.

In the case of Atal Pension Yojana (APY), depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until his/her death. If the actual returns during the accumulation phase are higher than the assumed returns for minimum guaranteed pension, such excess will be passed on to the subscriber. As such, the minimum pension depending upon the pension plan selected by the subscriber is fixed under the APY. Under National Pension System (NPS), there is no ceiling fixed for minimum pension.

Further, a High-Empowered Monitoring Committee has been constituted for complete evaluation and review of the EPS, 1995.

There is no provision for Dearness Allowance in EPS, 1995, as it is a self-funded scheme with fixed contributions. Further, Dearness Allowance is not applicable under NPS and APY as the pension under both depends upon the accumulated corpus at the time of exit which is market linked.

This information was given by Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in written reply to a question in Lok Sabha today.

PIB

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Employees Provident Fund Organisation
Ministry of Labour & Employment. Government of India
Bhavishya Nidhi Bhawan
Bhikaiji Cama Place. New Delhi 110066

No. Pension-l/Instructions/Guidelines/2017/20825

Date. 12 DEC 2017

To

All ACCs (Zonal Offices)
All Regional P.F. Commissioner(In-charge of Regions).

Sub: Change of Date of Birth of Employees Pension Fund Members- reg.
Ref: (i) Head Office letter No. pension-3/8/OR/l/2005/69869 dated 12.12.2006
(ii) Head Office letter No. Pension-I/Instructions/Guidelines/2006/l 1900 dated 07.10.2006
(iii) Head Office letter No. Pension-II/Instructions/Guidelines/2016-17/33314 dated 10.03.2017
(iv) Head Office letter No. Pension-l/Instructions/Guidelines/2017/8351 dated 07.08.2017
(v) Head Office letter No. Pension-I/Instructions/Guidelines/2017/11518 dated 04.09.2017

Sir.

Please refer to this office circulars cited under reference. Further it is to inform that in the meeting on fraud analysis and management in EPFO held on 08.12.2017 at Head Office it was decided to follow the following process for change of date of birth of members of Employees Pension Scheme 1995-

(i) In case the correction required in date of birth is upto plus or minus one year, Aadhaar will be accepted as a valid document for date of birth.

(ii) In case the correction required in date of birth is more than one year. then in addition to Aadhaar. other valid documents will have to be submitted(viz.. matriculation certificate. certificate issued by Registrar (Birth). Passport etc). The concerned member should be intimated for submission of additional valid proof of birth in such cases while applying online/mobile/offline.

2. It is requested to strictly adhere to the aforementioned instructions.

[This issues with the approval of CPFC]

(R.M. VERMA)
Addl. Central P.F. Commissioner- I(Pension)

Source: epfindia.gov.in

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