Employees Will Withdraw PF And Pension Money On Retirement Day
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Now the Employees Get Their Money of PF and Pension On Retirement Day
Now employees will receive provident fund (PF) and pension money on their retirement day. This information was given by Union Labor and Employment Minister Bandaru Dattatreya in the Upper House of Parliament in the Rajya Sabha.
The Employees Provident Fund Office has instructed all the Regional Offices to pay their PF and Pension amount to the employees on the day of retirement.
According to Dattatreya, all the field offices on behalf of the EPFO have been asked to pay Employee Provident Funds (EPF) Scheme 1952 and Employee Pension Scheme (EPS) 1995 members on the day of their retirement, of their retirement fund and pension payment.
PF And Gratuity Money
When the Labor Minister was questioned about giving PF and gratuity to the employees on retirement, they replied in the House that, “As far as the settlement of the gratuity is concerned, according to the Payment of Gratuity Act 1972, the employer will pay the gratuity to an employee Within 30 days of its payment. Let us know that at present there are about 48.85 lakh central employees and 55.51 lakh pensioners in the country.
Government Decision On PF And Pension Payment
According to the information, the government had agreed on June 27, 2014 on the proposal to issue an order for the pension on the day of retirement of the employee. In this the government says that this will maintain the respect of pensioners and they will not have to wander in government offices for the amount of PF and pension again and again.
EPFO joins 10 million new members till June 30 this year
Union Minister Bandaru Dattatreya said on Monday that the Employees Provident Fund Organization (EPFO) has added more than 10 million new subscribers between January 1 and June 30 this year. The Union Labor Minister said, “Even after 60 years of independence, the number of PF customers was 4.3 million and the number of subscribers of Employees State Insurance Corporation (ESIC) was 1.9 crore.
We launched a national campaign to enroll new customers. Incentives were also offered during the campaign. Under this, we got 1.01 crore for PF and 1.20 million new registrations for ESIC.
An ESIC official said that due to the receipt of new nominations, about 97,000 new business establishments are established in the last six months. These establishments have been established under ‘Scheme to Promote Registration of Employers / Employees’ (SPREE).
Finance Ministry approves 8.65% interest rate on EPF: Bandaru Dattatreya
Labor Minister Bandaru Dattatreya said on Thursday that the Finance Ministry has approved 8.65 percent interest rate on the Employees Provident Fund (EPF) for 2016-17.
He further said, “We will issue a notification immediately and this interest rate will benefit more than four crore subscribers.” Trustees of the Employees Provident Fund Organization approved the rate of 8.65 percent on EPF in December last year.