EPFO Pension Portal: A committee of Parliament on Tuesday stated that giving Rs 1,000 as minimal month-to-month pension to the subscribers underneath the Employees’ Provident Fund Organization (EPFO) pension scheme is simply too low. In such a state of affairs, it’s vital that the Ministry of Labor takes ahead the proposal to extend the pension quantity. Parliament’s Standing Committee on Labor in its report tabled in Parliament on Demands for Grants 2022-23 stated, “The monthly pension of Rs 1,000 fixed eight years ago is now too low.”

Measures to be taken to extend pension
According to the parliamentary committee, it’s vital for the Ministry of Labor and Employment to take ahead the matter with ample budgetary assist from the Finance Ministry as per the advice of the high-powered monitoring committee. Apart from this, EPFO ​​ought to consider all its pension schemes by way of consultants in order that the month-to-month member pension could be elevated to the suitable extent.

Pension to be made 2000
The Labor Ministry had constituted a high-powered monitoring committee within the 12 months 2018 to guage and assessment the Employees’ Pension Scheme, 1995. The committee had additionally really useful in its report that the minimal month-to-month pension for members/widow/widow pensioners needs to be elevated to Rs.2,000. Necessary annual budgetary provisions needs to be made for this. However, the Finance Ministry didn’t agree to extend the minimal month-to-month pension from Rs 1,000.

discussions with a number of committees
According to the parliamentary committee, many committees have mentioned this intimately. From this the identical conclusion comes that until there’s a correct evaluation of surplus/deficit of EPFO’s pension scheme from consultants, assessment of month-to-month pension can’t be performed. The report additionally stated that EPFO ​​members, particularly those that retired earlier than 2015, are dealing with difficulties for ‘e-nomination’. Along with this, difficulties are additionally being confronted within the functioning of ‘Online Transfer Claim Portal’ (OTCP).

Appreciate the efforts of EPFO
The Parliamentary Committee appreciated the efforts of EPFO ​​for better use of data expertise instruments together with the Digital India initiative. Along with this, it was urged that the Employees’ Provident Fund Organization ought to make extra efforts for reforms to take away the issues associated to ‘nomination’ electronically.

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