EPFO

EMPLOYEES PROVIDENT FUND ORGANISATION
(MINISTRY OF LABOUR & EMPLOYMENT, GOVT. OF INDIA)
NATIONAL DATA CENTRE
1st Floor, Bhavishya Nidhi Bhawan, Plot No.23,
Sector-23, Dwarka,New Delhi-110075

No. NDC/ Digilocker/ PPO/ 2020/ 112

Dated: 04.03.2020

To

All Addl. Central PF Commissioners (HQ),
All Addl. Central PF Commissioners (Zones),
All Regional PF Commissioners/ Officers-in Charge of Regional Offices.

Sub: Provision of downloading digital copy of Pension Payment Order (PPO) from Digilocker- reg.

Madam /Sir,

With reference to the context cited above, EPFO has collaborated with NISD and has made available the digital version of the Pension Payment Order (PPO) for the Pensioners of Employees’ Pension Scheme at Digilocker Portal for the benefit of the Stakeholders. By collaborating with NISD, EPFO seeks to improve its service delivery by creating a digital highway that can facilitate exchange of digitally signed documents amongst the issuers, citizens and the other Government service providers. The PPO issued by EPFO to the EPS pensioners has been made available at Digilocker Portal in shape of a Digital Certificate which any concerned EPS Pensioners can download by registering on Digilocker.

Also check: Pension Hike Latest News: Minimum monthly pension of Rs. 3000 after attaining the age of 60 years

2. You are, therefore, requested to bring to the knowledge of all EPS Pensioners about this facility available to Pensioners.

3. The detailed standard operating procedure is attached with this circular.

Encl. : As stated above.

Yours faithfully,

(V. Ranganath)
Addl. CPFC (IS)

Copy to: PS to CPFC for kind information of CPFC.

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The Gazette of India
EXTRAORDINARY
PART II-Section 3-Sub-section (i)
PUBLISHED BY AUTHORITY
No. 872] NEW DELHI, FRIDAY, DECEMBER 7, 2018/AGRAHAYANA 16, 1940

MINISTRY OF LABOUR AND EMPLOYMENT

NOTIFICATION

New Delhi, the 6th December, 2018

G.S.R. 1182(E).- In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme, further to amend the Employees’ Provident Funds Scheme, 1952, namely:-

1. (1) This Scheme may be called the Employees Provident Funds (Amendment) Scheme, 2018.
(2) It shall come into force from the date of its publication in the Official Gazette.

2. In the Employees’ Provident Funds Scheme, 1952, after paragraph 68H, the following shall be inserted, namely:-

“68HH. Non-refundable advance to a member in case of continuous un-employment for a period of not less than one month.- The Commissioner or, where so authorised by the Commissioner, any other officer subordinate to him, may permit a member, on ceasing to be an employee in any factory or establishment to which the Act applies, a non-refundable advance upto seventy-five percent of the amount standing to his credit in the Fund, if he has not been employed in any factory or other establishment for a continuous period of not less than one month immediately preceding the date on which he makes an application for such non-refundable advance.”.

[F. No. S-35012/8/2018-SS-II]

R. K. GUPTA, Jt. Secy

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number S.R.O. 1509, dated the 2nd September, 1952 and was last amended vide number G.S.R. 436(E) dated the 4th May, 2017.

Source: labour.gov.in

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GOVERNMENT OF INDIA

QUESTION NO 1966

Measures for pension beneficiaries under EPF

1966 Dr. Satyanarayan Jatiya

ANSWER

Further, index-linking of pension, i.e., increase in pension to fully neutralize inflation was considered by the Expert Committee constituted by the Government to review EPS, 1995, and the same was found not feasible through a funded scheme like EPS, 1995 wherein the contribution of employer and Government is at a fixed rate of 8.33 per cent and 1.16 per cent.

Source: ENGLISH VERSION HINDI_VERSION

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New Delhi: The Employees’ Provident Fund Organisation’s trustees in a meeting on Thursday will consider a proposal to raise the age limit from 58 to 60 years for vesting of pension under the Employees’ Pension Scheme (EPS-95).
At present, a formal sector worker covered under the EPS-95 can make contributions towards the pension scheme till the age of 58 years and can claim pension after that.

The Pension Implementation Committee (PIC) has recommended an increase in the age for vesting pension to 60 years, while suggesting that the actuary should be asked to develop a model to give incentive to those persons who opt for drawing pension at the age of 60 years.
An actuary analyses financial consequences of risk after studying uncertain future events, particularly of concerns to pension and insurance plans.

Raising the age limit would reduce the deficit in pension fund and would increase the pension benefits of members as there would be two additional years of service, as per the agenda listed for the meeting of the Employees’ Provident Fund Organisation’s apex decision making body – Central Board of Trustees (CBT).

According to a report of the valuer on the scheme, increasing the age limit would reduce the shortfall in the pension fund to the extent of Rs 27,067 crore.

The level of deficit is not a matter of concern, though it is recommended that the retirement fund body should look into investment returns more carefully and not increase benefits without consulting the actuary, and do sensitivity analysis more frequently, the valuer has suggested.

As per the the valuer, appointed by EPFO, net liability or deficit is Rs 10,855 crore as of March 31, 2012, Rs 6,712.96 crores as of March 31, 2013 and Rs 7,832.74 crore as of March 31, 2014.

It is also proposed by the committee to increase the short service pension entitlement age from 50 years to 55 years. This measure would reduce the shortfall in pension fund to the extent of Rs 12,028 crore.

At present, members can ask for fixing pension at attaining the age of 50 years provided they have served for at least 10 years.

It is also proposed that the pensionable salary should be determined on the basis of 36 months average wages immediately preceding the date of exit from the scheme in place of existing 60 months.

It may be noted that there is no bar of any kind for contributing towards other social security schemes run by the Employees’ Provident Fund Organisation (EPFO) – Employees’ Provident Fund Scheme 1952 and Employees’ Deposit Linked Insurance Scheme 1976.

Read at: NDTV Profit

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Press Information Bureau
Government of India
Ministry of Labour & Employment

12-February-2015

Shri Bandaru Dattatreya Chairs Tripartite Meeting on Amendment in EPF & MP Act, 1952
The Union Minister of State (Independent Charge) for Labour & Employment, Shri Bandaru Dattatreya has chaired the tripartite meeting on the proposed amendments to Employees’ Provident Funds and Miscellaneous Provisions Act’ 1952 in New Delhi yesterday.
The main proposal for amendments in the Employees’ Provident Fund & Miscellaneous Provisions Act’ 1952 are to bring the threshold of coverage from 20 employees to 10 employees. This will ensure a wider coverage and extension of social security benefits to hitherto uncovered areas. The ‘Schedule of Industries’ provided in the Act has already grown to more than 182 industries. The Government proposes to do away with the ‘Schedule of Industries’ and come up with a ‘Negative List’. It is also proposed to reduce the size of the CBT to make it an active decision making body. In order to remove the discretion, a limit of 5 years has been proposed in regard to assessment of dues against the establishment. However, to reduce the problems arising out of ex-parte assessments etc., a new appellate provision by appointment of Appellate Officer has also been proposed. To avoid protracted litigation, provisions for compounding of offences in deserving cases has been introduced. Uniformity in regard definitions of ‘Wages’ is proposed to be introduced in line with the ESI Act. The Government of India is also contemplating promulgation of a comprehensive Labour Code on Social Security to bring together all legislations relating to social security.

The representatives of prominent trade unions like CITU, AITUC, INTUC, BMC, AICCTU, HMS and TUCC attended the meeting. Representatives of important employers’ associations like FICCI, CII, CIE, PHDCCI, ASSOCHAM etc. attended the consultations. Officers from Ministry of Labour & Employment and other Ministries of Central Government and NITI Aayog were also present.

The Unions and Associations welcomed the Government’s proposal to widen the coverage of EPF & simplification of procedures required for compliance. There was some disagreement regarding reduction in the size of CBT both from Employers’ and Employees’ side.

The Minister responding to suggestions from participants, stated that number of members of CBT will not be reduced and there will be no restriction on the number of terms of members of Central Board of Trustees. He also stressed the need to reduce the threshold limit for application of the EPF & MP Act’ 1952 to 10 employees from the existing 20 employees. He also announced that cards will be provided to unorganized sector workers, one house will be provided to every family of the contributory member. He also promised that Bill for Social Security for Unorganised Sector workers will be brought in. Concluding the discussion, he stated that all the suggestions received during the consultation will be considered while finalizing the Bill.

Source : PIB

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