Update on EPFO Pension Increase: Today's meeting is significant; a decision about a raise in pension may be made. See details
Update on EPFO Pension Increase: Under this, decisions about applications and disbursements for increased pensions under the Employees' Pension Scheme may be made by the Employees' Provident Fund Organization.
Organization of Employees' Provident Fund: For the workers of the Employees' Provident Fund Organization, there is crucial news. Tuesday, prior to the 71st Foundation Day of EPFO on November 1st, is going to be a significant meeting of the Central Board of Trustees CBT (EPFO CBT Meeting 2023). A decision on raising the pension might be made during this meeting, and it could also be used to address concerns about the system's age and malfunction. But in order to do this, the government has been forced to upgrade its infrastructure and IT systems.
Tuesday is a big meeting when a decision on a higher pension might be made.
The report indicates that the CBT of EPFO has scheduled a significant meeting for this Tuesday. In this regard, applications for and payments for increased pensions under the Employees' Pension Scheme may be decided upon by the Employees' Provident Fund Organization. The computation and disbursement of pensions are subject to the same decisions. On the other hand, workers might utilize the calculator that EPFO has provided on this. Not comprehending at all.
According to the CBT agenda, the EPFO is now processing 17.49 lakh verification applications that members and pensioners have submitted for increased pension. We are requesting information from the involved businesses and workers, including wage data.
The deadline for filing an application for an increased pension is December 31st.
The deadline for businesses and workers to upload data and provide compensation details on the website has been extended by EPFO to December 31, 2023. A progress report on the execution of the Supreme Court's ruling on increased pension under EPS is anticipated from EPFO. The Union Minister of Labor and Employment presides over the CBT, which is the highest decision-making body within EPFO. This will be CBT's first meeting for the current fiscal year. All CBT members have received a letter from the organization inviting them to attend.
These matters will also be spoken about.
The discussion covered a variety of topics, including investments in exchange-traded funds, hiring additional staff and creating new positions to accommodate the demands of retirement fund managers handling pension applications, and changes to the EPFO operating manual to guarantee operational uniformity. TAT Also anticipated is the inclusion of a proposal at the meeting to this effect.
Talk about the problems of the previous website and system as well.
The EPFO website is currently in poor shape. Employees Provident Fund Organization personnel are dealing with a number of issues as a result of the outdated system and IT flaws, including difficulties in functioning and transferring PF funds to employees. As. This includes the job of moving the Higher Pension application and approval procedure ahead, which is now stalled. It is possible that this matter will be brought up at the EPFO's Central Board of Trustees meeting on Tuesday. But in July 2023, EPFO also sent a letter to the Union Labor and Employment Minister requesting that the IT system and infrastructure be upgraded to a high-tech level.
