EPFO employees and pensioners may soon receive good news. An increase in the minimum pension may be announced. This could increase the minimum pension by up to three times. This proposal is currently in the final stages. Therefore, a major decision for employees and pensioners may be imminent.
SP Tiwari, a member of the EPFO's decision-making body, the CBT, has provided this information. The minimum post-retirement pension from the EPFO is set to be increased from ₹1,000 to ₹3,000.
This proposal has been agreed upon in three CBT meetings. Union Labor and Employment Minister Mansukh Mandaviya has also agreed to it. The EPFO is capable of providing a monthly pension of Rs 3,000 to the country's 4 million pensioners from its own interest and other resources. Meanwhile, there have been demands to increase the minimum pension to Rs 7,500. However, this demand is currently impossible to fulfill. EPFO 3.0 Update
S.P. Tiwari, CBT board member and general secretary of the TUCC Federation, visited the EPFO office. He stated that the process of direct PF deposits to bank accounts via UPI is nearly complete. All members will be able to withdraw their PF from their bank accounts starting in July. Members can withdraw only 50 percent of their PF deposits.
The EPFO 3.0 portal is expected to launch on June 1st. It will allow you to withdraw PF funds through ATMs and UPI. This will greatly benefit employees.
PC: SaamTV
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