Wednesday, March 22, 2023

EPFO Higher Pension: EPFO ​​is planning to ‘sever’ the Supreme Court order on higher pension India Business News – Usky News

New Delhi: Facing public backlash over procedural complications in applying for higher pension, the Employees’ Provident Fund Organization plans to issue a detailed clarification to ‘demystify’ pension. Supreme Court4 November’s decision on the higher pension and said it was “fully open to receive all claims”.
The Pension Implementation and EDLI Committee (PIEC), a sub-committee of EPFO’s Central Board of Trustees (CBT), also expressed concern in its meeting on Wednesday. labor MinistrySubmission to a parliamentary panel that its budget estimates for 2023-24 were prepared without the implications of the apex court judgement. This said, this is likely to affect the interest rate of EPFO ​​for 2022-23, which is yet to be decided cbtNext meeting on 27-28 March.
“The interest rate of EPFO ​​depends on the financial health of the retirement fund. If the labor ministry says it has not taken into account the impact of the top court’s judgment on pension payments, it also means the impact on superannuation funds is unclear,” CBT and PIEC member Michael Dias told TOI. The ministry told a parliamentary panel that “the budget proposal for RE 2022-23 and BE 2023-24 was prepared in September 2022 keeping in view the normal increase in subscription/contribution under EPS-95. The judgment of the Hon’ble Supreme Court on the scheme was received in November 2022. Therefore, its effects have not been included in the BE 2023-24 allocation.
Separately, the junior labor minister also told the Lok Sabha that the ministry was “examining” the implementation of the Supreme Court judgement.
The minister had said, “It has legal, financial, actuarial and logistical implications.”
The decision to issue detailed FAQs, meanwhile, has come due to procedural complexities and lack of clarity in EPFO’s guidelines, which has made it almost impossible for subscribers to register for joint option for higher pension and meet the eligibility criteria laid down by EPFO. has made it. Retirement Fund Manager.


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