Delhi, August 23, 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 lakh 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 24x7.
He also appreciated the good governance strategy adopted by EPFO in saving of Rs 22 crore 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.