Technology must be backed by process reforms: EPFO CEO
The Hindu – National
thehindu.com
Summary
Subscribed with another email? The credit for this transformation goes entirely to our Minister of Labour and Employment, Mansukh Mandaviya ji . We have also introduced auto-settlement for final withdrawals and auto-approval of transfers. The contribution rate remains 12%, and the wage ceiling continues to be ₹15,000, as notified in 2014. Irrespective of the wage ceiling, many employers have continued to contribute 12% of employees’ wages towards the PF. Are there any plans to enhance benefits such as death insurance, the minimum pension or the wage ceiling? The Code on Social Security gives the government the flexibility to revise the wage ceiling. Decisions on the minimum pension and the wage ceiling are policy matters that depend on budgetary support. At present, membership is capped at a wage ceiling of ₹15,000. In 2022, the Supreme Court allowed a one-time window of four months for eligible employees to OPT (work permit after graduation) for a higher pension.
From the source
The recent reforms seek to simplify access to Provident Fund savings rather than merely digitise services, says the EPFO Chief Executive Officer. He explains the rationale behind changes to claim settlement and withdrawals, and says the Social Security Code expands social security coverage to workers in the unorganised sector
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Published by The Hindu – National on thehindu.com