The Supreme court in its order gave four more months to eligible subscribers to opt for higher pension under EPS-95. The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly.
According to IANS source, running a trustee board requires a clearance from the state Labour Minister and an annual audit of the trusts is conducted by the EPFO office. It is learnt that in the latest audit, the EPFO office have identified such irregularities in depositing provident fund contributions, and also recommended action against some of these trusts to the state Labour Department.
Of the total 16.94 lakh members added during the month, around 9.87 lakh new members have come under the ambit of EPFO for the first time. Out of 9.87 lakh new members added, approximately 58.32% are from the age-group of 18-25 years of age. This age-group signifies a crucial stage for an individual’s potential in terms of earning capacity and joining organized workforce in large numbers following their education.
Approximately 7.85 lakh net subscribers exited & re-joined the establishments covered under EPFO by changing their jobs within the establishments covered by EPFO and opted to retain membership under the Scheme, through transfer of funds rather than coming for final withdrawal of their PF accumulations.
The interest rate on the Public Provident Fund (PPF) will remain at 7.10 percent for the final quarter of FY 2021-22. The Senior Citizens Savings Scheme (SCSS) will earn 7.40 percent, while post office time deposits will earn 5.5 to 6.7 percent. Sukanya Samriddhi Yojana pays an annual interest rate of 7.6%.