The government on Monday announced the deferral of a meeting of the Employees’ Provident Fund Organisation (EPFO) board, where it is expected to finalise the EPF rate to be paid on crores of formal sector workers’ retirement savings in its custody for 2022-23.
Chaired by Union Labour and Employment Minister Bhupender Yadav, the board of trustees of the EPFO was earlier slated to meet over March 25 and 26, but the meeting has now been “rescheduled due to administrative exigencies” to March 27 and 28, according to a communique reviewed by The Hindu.
Also read: Labour Ministry asks EPFO to speed up work on higher pension
For 2021-22, the EPF rate was cut to 8.1% from 8.5% paid in the previous two years. This was the lowest annual return for EPF members since 1977-78 and there have been significant delays in the transmission of those interest credits to members’ accounts owing to technical glitches this financial year.
Employee and Employer representatives on the board are likely to raise concerns about the lack of clarity on the implementation of the higher pension option permitted for some EPF members by the Supreme Court.