Iim sambalpur, Business school in Burla, India

New Delhi [India], May 1 : Communist Party of India (CPI) Rajya Sabha MP Binoy Viswam has written a letter to Union Labour and Employment Minister Bhupendra Yadav seeking a thorough, transparent and agreeable plan in determining pensions for those who take the option to submit joint options with employers to claim higher pensions as per Supreme Court directive.Binoy Viswam in a letter to Bhupendra Yadav said, "In compliance with the directives issued by the Supreme Court, the Employees' Provident Fund Orgzation (EPFO) allowed employees and pensioners who retired after September 1, 2014, to submit joint options with employers to claim higher pensions. The deadline set by the Supreme Court for this exercise was March 3, 2023, which was extended to May 4, 2023, after multiple stakeholders including the EPFO approached the Ministry of Labour & Employment demanding extension of deadline. However, the process which includes multiple orgzations, employees and retirees is not nearly complete when I write this letter to you.""During the extension period, several issues have affected the exercise and employees and retirees have struggled to submit their credentials. The EPFO has remained largely inactive in assisting those who wanted to opt for higher pensions. To make matters worse, the EPFO came out with another circular on April 23, 2023, asking its members to give consent to deduct an amount that is yet to be decided and will be calculated based on a yet-to-be-announced new EPS contribution and past-due deduction methodology," he added.CPI MP Viswan further said in the letter that the last date is inching closer, and the Union Government has decided to wait for the total number of applicants before revealing the procedure to calculate pensions indicating a lack of clarity in the highest quarters and fueling confusion among the members of EPFO.The logistical part of the exercise has also not been supportive. Many glitches were reported and the EPFO kept changing the interface at the last minute. Amidst confusion and logistical issues, many are sure to be left out of the exercise defeating the purpose of Supreme Court directives."Considering the above, I urge your ministry to come out with a thorough, transparent and agreeable plan in determining pensions for those who take the option. Logistic issues should also be addressed to make the portal user-friendly enabling people to go for the higher option," the letter stated.Binoy Viswam said that in light of the changes introduced to the procedure and lack of clarity, the ministry should direct the EPFO to extend the deadline further as to accommodate all stakeholders. Consider this your greetings to employees and retirees on the historic May Day.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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