The Central Board of Trustees (CBT) of the Employees Provident Fund Organization (EPFO) held its 236th meeting on November 30, 2024, chaired by Union Minister Dr. Mansukh Mandaviya. The Board approved several important reforms aimed at enhancing member benefits and streamlining membership. process.
Details of the decisions made at the meeting are as follows:
Automatic billing limits have been increased: The limit for automatic compensation claims has been increased from Rs 50,000 to Rs 100,000. This extension also applies to advances in housing, marriage, and education.
Simplified claims resolution: The implementation of the CITES 2.01 project will streamline the claims resolution process through a new operating system and UAN-based accounting.
Comprehensive pension benefits: Interest on invoices settled before the 25th of each month will now be paid until the settlement date, providing financial benefits to members.
Single pension payment system: The successful Centralized Pension Payment System (CPPS) pilot will be rolled out nationwide, allowing pensioners to access their benefits from any bank or branch.
Benefits of enhanced EDLI: The extension of the Employee Deposit Linked Insurance (EDLI) scheme will provide a minimum benefit of Rs 100 million. 2.5 million rupees, up to 2.5 million rupees. 700,000.
Employer-centric reforms: Bank concession criteria for EPF contribution collection have been simplified and an amnesty scheme has been recommended to encourage voluntary compliance.
Strategic investment: Redemption policy for ETF investments in CPSE and Bharat 22 has been approved to generate income for ‘interest account’ of EPF scheme.
Several officials were present on the occasion including Ms. Sushri Shobha Karandraje, Minister of State for Micro, Small and Medium Enterprises, Labor and Employment and Vice-Chairman of CBT, Smita Daura, Secretary (Labor and Employment) and Vice-Chairman of EPFO Attended. Mr. Ramesh Krishnamurti, Commissioner and Member Secretary, CBT, EPFO and Central Providence Fund;
