The central government plans to pay more interest on Provident Fund (PF) and pension of Rs 5000 per month under Employees Pension Fund (EPS). This week the Labor Panel will hold a meeting to discuss these two matters. The meeting is likely to be held on October 28.
As per reports, the panel will discuss the management, performance and investment of Rs 10 trillion fund under the Employees Provident Fund Organization (EPFO). Along with this, the panel will also consider how to make EPFO more profitable for those working in organized and unorganized sector.
The panel members will also assess the impact on EPFO funds due to the covid-19 pandemic and lockdown.
In the meeting there will also be discussion on increasing the pension amount under Employees Pension Scheme (EPS) and ensure easy availability of funds to families in case of death of account holder.
Many trade unions and labor organizations have been demanding increase in pension amount for some time. The objective of the central government is to provide security of old age and social security to the unorganized workers. EPFO is now paying interest at 8.50 percent on EPF.Important points to be discussed in meeting:
– There will be discussion on raising pension under Rs 5000 EPS
– Emphasis on better utilization of EPF fund of Rs 10 trillion