Highlights of the 227th meeting of CBT of Employees Provident Fund Organisation

EPFO CBT MEETING | EPS 95 PENSION HIKE IN CBT MEETING | EPS 95 PENSION NEWS

The 227th Meeting of the Central Board of Trustees (CBT), EPF was held today under the Chairmanship of Shri Santosh Kumar Gangwar, Minister of State for Labour & Employment (I/C), and Vice Chairmanship of Shri Heeralal Samariya, Secretary (L&E), Central Provident Fund Commissioner, Sh. Sunil Barthwal, conducted the meeting as Member Secretary, CBT, EPF through Video Conference mode.

Following were the highlights of the Central Board Meeting:-

1. Proposal to increase the maximum amount under the EDLI Scheme from the present 6 Lacs to 7 Lacs;

2. Proposal to amend EPS-95 Scheme to bring in defined contribution pension scheme in place of the present defined benefit scheme (just like NPS applicable to Government employees who joined after 1.01.2004). Strongly opposed by Employee members, but decision deferred to next meeting in December.

3. Employer members wanted amnesty scheme for delayed EPF dues, scrapping of provisions for levying "Damages", in the name of "Ease of doing business". Employees opposed.

4. Interest on PF accumulations 8.15% for the present, but may be increased to 8.5% in December retrospectively.

5. Compensation of Rs.10 Lacs to dependents of EPFO Staff members, who lost their lives during the pandemic (in place of present Rs.3.9 Lacs)

6.Item no.s 30, 31, 32 were not circulated earlier, but on the screen when the virtual meeting was almost concluding.

7. Many issues, such as rescinding punitive actions against EPFO Staff for a legal all India strike on 28.08.2019, non-KYC of PF Members preventing them getting help during lockdown were raised. Stock answer of the Chairman of CBT(Minister of Labour and Employment) was "Write down whatever you want to say and come and meet me in my office, we will sort this out.