The central government plans to get higher return on the amount deposited in the Provident Fund (PF) account. The Labor Panel formed by the Parliamentary Committee will work on this matter, said sources associated with this development. The panel will discuss the matter next week.
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) to ensure easy availability of funds to families. . A person associated with the development said that we are demanding that the minimum pension under the EPS scheme be increased to Rs 5,000 monthly. Many trade unions and labor organizations have also been demanding increase in pension amount for some time.
The Parliamentary Committee on PF Fund will hold several meetings to discuss the issue and submit its detailed report to Parliament in the winter session. Members of the committee have asked representatives of the Ministry of Labor to look into the provisions made for workers in organized and unorganized sector in other countries.
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
– EPFO is now paying interest at 8.50 percent on EPF