The Employees’ Provident Fund Organisation.
| Photo Credit: Kamal Narang
The authorities on Monday introduced the deferral of a gathering of the Employees’ Provident Fund Organisation (EPFO) board, the place it’s anticipated to finalise the EPF fee to be paid on crores of formal sector staff’ retirement financial savings in its custody for 2022-23.
Chaired by Union Labour and Employment Minister Bhupender Yadav, the board of trustees of the EPFO was earlier slated to meet over March 25 and 26, however the assembly has now been “rescheduled due to administrative exigencies” to March 27 and 28, in accordance to a communique reviewed by The Hindu.
Also learn: Labour Ministry asks EPFO to pace up work on increased pension
For 2021-22, the EPF fee was lower to 8.1% from 8.5% paid within the earlier two years. This was the bottom annual return for EPF members since 1977-78 and there have been important delays within the transmission of these curiosity credit to members’ accounts owing to technical glitches this monetary 12 months.
Employee and Employer representatives on the board are probably to increase issues in regards to the lack of readability on the implementation of the upper pension possibility permitted for some EPF members by the Supreme Court.
