EPF trust approves restoration of commuted value of pension to pensioners after 15 years

New Delhi:  The Central Board of Trustees (CBT) EPF  has approved the proposal to recommend for amendment in Employees' Pension Scheme (EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation.

This was a long pending demand of the pensioners and will benefit approximately 6.3 lakhs pensioners.

Minister of State for Labour and Employment (Independent Charge) Santosh Kumar Gangwar, who is also the Chairman CBT, expressed satisfaction that Employees' Provident Fund Organisation (EPFO) is settling more than 91 percent claims of EPF members in online mode.

He lauded the efforts made to improve services for settlement of claims of family of deceased members and  EPF call centre function 24 by 7.

He also appreciated the good governance strategy adopted by EPFO in saving of Rs.22 crores p.a. due to negotiating reduced OD charges increased FD interest and waiver of collection charges by SBI and further savings of Rs 50 lakhs p.a. due to reduction in collection charges by three banks and achievement of highest yield (8.55 percent) by Portfolio Managers since July 2015.

The Chairman CBT also launched the revamped EPFIGMS 2.0 version which will benefit more than 5 crores subscribers and lakhs of employers by speedy and smooth resolution of grievances.

The Board approved the proposal for Selection and Performance Evaluation of next Custodian by the new Consultant which will be appointed on the basis of Report of Five Members’ Committee constituted by the CBT for the purpose.

In the matter of coupon default of IL&FS Ltd, the Board nominated three officers of Investment Division of EPFO to attend the Debenture – Holders’ Meeting that may be held in future and if need be, vote on behalf of the Central Board, EPF.