EPFO: Big Announcement For Pensioners, CBT Approves Changes In Employees’ Pension Scheme
Bhubaneswar: In a major development, the Central Board of Trustees (CBT) EPF approved the proposal to recommend amendment in Employees’ Pension Scheme (EPS) 1995. This will benefit nearly 6.3 lakh pensioners as it refers for restoration of commuted value of pension to the pensioners after 15 years of drawing commutation.
A meeting of the CBT, chaired by Labour Minister Santosh Kumar Gangwar, met in Hyderabad on Wednesday, approved the proposal to recommend for amendment in Employees’ Pension Scheme (EPS) 1995 for restoration of commuted value of pension to the pensioners.
Gangwar maintained 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.
Gangwar also released an 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 minister further 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 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.