On account of its technology-enabled initiatives and ingrained scheme benefits, EPFO seems to be unfazed by the proposed flexibility for its subscribers to move to NPS. Bandaru Dattatreya, Minister of State for Labour and Employment speaks to Narayan Krishnamurthy and Prashant Kapoor.
The dynamics of the workforce have changed over the years. How well is EPFO geared up to service the growing needs of this dynamic workforce?
EPFO is rendering services to its subscribers since 1952. Presently, we have over 4.3 crore active members and we manage over 17 crore accounts. For the benefit of our members, we have been making effective use of the technology. For example, we are now using technology in account portability, account settlement and account updation. As of now, for 2014 and 2015, all the 17 crore accounts have been updated and presently all the claims are being settled within three days. Also, we are giving our subscribers the facility of getting the information regarding their account balances, pension amounts, etc., over the SMS, thereby relieving them from the inconvenience of visiting EPFO offices. Recently, we have also come out with an option for the EPF members wherein if they wish to defer their pension for two years after attaining the age of 58, then they’ll receive enhanced pension of additional 8.16 per cent of their original pension amount, or a 4 per cent increase for each.
There are talks of EPF subscribers to switch to NPS; what is the development on this front?
The EPF scheme is one of its kind and amongst the best in the world because under the EPF, subscribers receive pension benefits, disablement benefits, widow benefits, dependent benefits, etc. It is up to the subscribers to compare whether they will get similar benefits under NPS and the final judgment would be left in the hands of subscribers. However, for the subscribers who move to NPS, we’ll give them an option for them to come back to EPFO, if they want, after one year of their switch to NPS.
This story is from the August 2016 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2016 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Stay Ahead Of AI-Powered Cyber Fraud
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
Travelling To Europe? Pack In The Essential Covers
Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip
How To Spend Wisely This Year-End
We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key
Travel Now Pay Later (TNPL)
Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.
12 Books Devina Mehra Loved Reading In 2024
Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.
Here's How To Avail Of Ayushman Bharat Yojana
Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview
The New Trump Card For IT, Pharma
Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others
European Sojourn
Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
