: In an attempt to enrol all contract workers under the pension scheme, the Employees’ Provident Fund Organisation (EPFO) has initiated the process of writing to all Public Sector Enterprises (PSEs), corporates, State governments and other establishments, including banks, to furnish details of their contracts.
Accordingly, a portal has been opened for the principal employer to upload the details of all contracts so that enrolment of all contract workers can be facilitated.
“We want to ensure that all workers, including those who are on contract, are getting the benefit of pension schemes of the country,” said V.P. Joy, Central Provident Fund Commissioner, while addressing a press conference here.
One account scheme
“We are also in the process of centralising all accounts (provident fund) in the country, using the Aadhaar number,” Dr. Joy added. EPFO has introduced ‘Óne Employee-One EPF account.’ This would facilitate to link multiple PF account numbers of a single member through Universal Account Number (UAN).
This would help employees to keep their PF in the same account in the event of change in job. Further, he said that pension scheme members are allowed to defer the age of drawing the pension and to continue contribution under EPS up to the age of 60 years optionally from the existing provision of 58 years. “Such members retaining their membership beyond 58 years will be eligible for enhanced pensionary benefit at 4 per cent for each completed year.” Minimum pension has been enhanced to Rs.1,000 a month.
He said the maximum benefit under Employees’ Deposit Linked Insurance (EDLI) from Rs.3,60,000 to Rs. 6,00,000 as per a notification dated May 24, 2016.
The limit for TDS on PF withdrawal has been enhanced from Rs.30,000 to Rs.50,000 for employees leaving service before 5 years of service with effect from June 1, 2016, “TDS will not be deducted if the employee submits PAN and 15G/H.”
The interest for the Provident Fund accumulation for the period 2015-16 has been enhanced from 8.75 per cent to 8.8 per cent and credited to individual accounts. To see the credit balance and avail online services, employees need to link their Aadhaar and bank account details with their UAN.
The time-limit for settlement of grievances has been brought down to 7 days.
