Highlights of the 227th meeting of CBT of Employees Provident Fund

1. Proposal to increase the maximum amount under the EDLI Scheme from the present 6 Lacs to 7 Lacs;

2. Proposal to amend EPS-95 Scheme to bring in defined contribution pension scheme in place of the present defined benefit scheme (just like NPS applicable to Government employees who joined after 1.01.2004). Strongly opposed by Employee members, but decision deferred to next meeting in December.

3. Employer members wanted amnesty scheme for delayed EPF dues, scrapping of provisions for levying "Damages", in the name of "Ease of doing business". Employees opposed.

4. Interest on PF accumulations 8.15% for the present, but may be increased to 8.5% in December retrospectively.

5. Compensation of Rs.10 Lacs to dependents of EPFO Staff members, who lost their lives during the pandemic (in place of present Rs.3.9 Lacs)

6.Item no.s 30, 31, 32 were not circulated earlier, but on the screen when the virtual meeting was almost concluding.

7. Many issues, such as rescinding punitive actions against EPFO Staff for a legal all India strike on 28.08.2019, non-KYC of PF Members preventing them getting help during lockdown were raised.