New Delhi1 hour ago
- copy link
Two big news have emerged for lakhs of subscribers and pensioners of the Employees Provident Fund Organization (EPFO). On the demand of people who have been complaining about low pension for a long time, the government is now considering increasing the minimum pension under the Employee Pension Scheme (EPS-95).
Along with this, EPFO has announced to launch a new portal named ‘e-Praapti’ for those whose old PF accounts are closed or lying in-active. With the help of this portal, even people without UAN number will be able to withdraw their stuck money.
Monthly pension may increase from ₹1000 to ₹7500
At present, under the EPS-95 scheme, members get a minimum pension of ₹ 1000 per month after retirement. Pensioners Association and Labor Unions say that in today’s era of inflation this amount is very less. Their demand is that it should be increased to at least ₹7500.
According to EPFO sources, a parliamentary committee has also recommended increasing the pension. The government can soon take a big decision on this, which will provide financial support to lakhs of elderly people.
You will be able to find old PF accounts through Aadhaar, new portal will come
The second big relief related to Provident Fund is for those people who have old PF accounts but do not have their records. A new portal ‘e-Prapti’ i.e. ‘EPF Aadhaar based access portal for tracking in-operative accounts’ will be introduced.
This portal will help those who do not have a Universal Account Number (UAN) or whose accounts were in the old ‘physical mode’. In this, identity will be verified securely through Aadhar card.
31.8 lakh accounts closed, 22% in-operative for 20 years
Union Labor Minister Mansukh Mandaviya said that EPFO currently has a total of 31.8 lakh in-operative accounts. According to the data:
- 41% accounts: Inactive for last 5 to 10 years.
- 22% of accounts: lying the same for more than 20 years.
The new portal will help track these old accounts, link them to the existing UAN and activate the balance. With this, any member of the household will be able to withdraw his/her old money easily.
There will be ‘auto-settlement’ for balance less than ₹1,000
The Central Board of Trustees of EPFO has taken another important decision. Those PF accounts with an amount of ₹1000 or less will no longer need any lengthy paperwork.
Such small amounts will be sent directly to the linked bank account of the account holder through ‘Auto-Settlement’.
When is your account considered ‘in-operative’?
According to the rules, if a person has retired after the age of 55 years and no money has been deposited in his PF account for 3 consecutive years, then he is considered ‘in-operative’.
After this, interest on it stops. However, if the age is below 55 years and no new contributions are coming, interest continues to be earned on that balance till the age of 58 years.
Source link
[ad_3]
