edited by: Namit Singh Sengar
Last Update: February 21, 2023, 12:52 IST
EPFO on Monday introduced a process to enable subscribers and their employers to jointly apply for higher pension under EPS.
The Central Board of Trustees is the apex decision making body of EPFO.
Retirement fund body EPFO’s trustees, including those representing employers as well as workers, have raised concerns over non-credit of interest on Employees’ Provident Fund (EPF) for 2021-22 even after its ratification in June last year. raised the issue.
The Central Board of Trustees of the Employees’ Provident Organization (EPFO), headed by Union Labor Minister Bhupendra Yadav, approved 8.1 percent interest rate in March 2022, news agency PTI informed of.
The Central Board of Trustees is the apex decision making body of EPFO.
“About ten days back, I raised the issue of non-credit of interest rate of 8.1 per cent for 2021-22 with the EPFO officials. They told me that there is some problem with the system (software) and it will be resolved soon. Year,” PTI Harbhajan Singh Sidhu, General Secretary of Hind Mazdoor Sabha said.
Read also: Update For PF Subscribers: Now Apply For Higher Pension Under EPS; Know what is joint option
Another EPFO trustee, AK Padmanabhan, representing the Center of Indian Trade Unions (CITU), said there was no explanation for this and he would take up the issue in the next meeting of the Central Board of Trustees.
The report said that queries sent to EPFO officials in this regard did not elicit any response.
In March last year, the EPFO decided to reduce the interest on provident fund deposits to 8.1 per cent for 2021-22 from 8.5 per cent provided in 2020-21.
Reportedly, the 8.1 per cent EPF interest rate is the lowest since 1977-78, when it was 8 per cent.
In another development, EPFO came out on Monday With a process to enable subscribers and their employers to jointly apply for higher pension under the Employees’ Pension Scheme (EPS). EPFO provided for handling of ‘Combined Option Form’ by the regional offices of the body.
It has been said that a facility will be provided for which URL (Unique Resource Location) information will be given soon. “Once received, the Regional PF Commissioner shall put up adequate notices on notice boards and banners for wide public information.”
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