The Employees’ Provident Fund Organisation is likely to get a clearer picture of the applications and payout for higher pension under the Employees’ Pension Scheme only by January next year.
The issue is expected to be taken up at the meeting of the EPFO’s Central Board of Trustees in its meeting on October 31. The CBT, chaired by Union Labour and Employment Minister, is the apex decision making body of the EPFO. This will be the first meeting of the CBT in this financial year.
Prior to the CBT meeting, the Executive Committee is scheduled to meet on October 27. The meetings come ahead of the EPFO’s 71st Foundation Day on November 1.
According to the CBT agenda, the EPFO is expected to provide a status report on the implementation of the Supreme Court order on higher pension under the EPS. For now, it is collecting and accumulating data on the number of members eligible for higher pension and their contributions and required outlays.
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As many as 17.49 lakh applications for validation of have been received from pensioners and members for higher pension and are currently under process by the EPFO. The EPFO has extended the deadline for employers to submit wage details till December 31, 2023.
Once the applications are validated, the EPFO would be able to understand the financial impact and decide on how to proceed further.
The retirement fund manager is also seeking to increase staff strength and create more posts to meet the needs of processing the pension applications. A proposal to this end is also expected to be taken up at the meeting of the CBT.
Other items on the agenda include approving amendments to work manuals of the EPFO to ensure standardised in operations. The manuals, which are for various procedures such as audit and inspection, are understood to have been last updated in the late 1980s.
A five-year perspective plan for enhancement of the EPFO’s physical infrastructure is also likely to be taken up. The objective is to modernise and expand the EPFO’s offices by purchase of land and repair and construction of its office buildings.
