EPF scheme has been formulated for the welfare of working community. In this connection the deposits of workers have been accumulating hugely during the past years . As per news in The Tribune Chandigarh 31/05/15, PF department has funds of Rs. 8.6 Lacs crores besides holding 27000 crores as unclaimed money , which must have surpassed 10 Lakhs crores and Rs. 30000/- crores figures respectively by now . Thus EPF Dept. has been earning almost one lac crores as interest on current deposit it self . Unfortunately some of the retired workers, the legal beneficiaries, are only getting fixed monthly pension of Rs. 889/- or even less. Basic reason being defective pension calculating formula i.e. Basic pay multiplied by length of service in years and divided by 70. Here basic pay is taken as Rs. 6500 only and not the full salary being drawn at the time of retirement and service period is considered year 1995 onward only, thus ignoring 22 years of service, in case one had joined service in 1973. Then some of the employees got their pension commuted and regular 30 % deduction is being done from their pension. EPFO stipulates that this deduction will never stop and continues forever , unlike Govt. pension which discontinue such deduction after 15 years. Even this pension amount remains unchanged through out the life, since it is not linked to any DA or price index, unlike other Govt. pensions. Can any body survive with such meager amount with sky touching prices ? Even old age pension(which they can not claim) given by state Govts. is more than this. I fail to see where workers welfare is involved in the scheme.EPF Dept. is simply milking the working community. The Govt. should not forget its obligation towards such ex-employees of PSUs at least. The Govt. should fix Rs.10000/- per month as minimum EPF pension along with D A as per price index, like other Govt. Employees. Kulbir Singh , Vice Secretary General, Senior Citizens Council , Rajpura 9876126822

EPF scheme has been formulated for the welfare of working community. In this connection the deposits of workers have been accumulating hugely during the past years . As per news in The Tribune Chandigarh 31/05/15, PF department has funds of Rs. 8.6 Lacs crores besides holding 27000 crores as unclaimed money , which must have surpassed 10 Lakhs crores and Rs. 30000/- crores figures respectively by now . Thus EPF Dept. has been earning almost one lac crores as interest on current deposit it self . Unfortunately some of the retired workers, the legal beneficiaries, are only getting fixed monthly pension of Rs. 889/- or even less. Basic reason being defective pension calculating formula i.e. Basic pay multiplied by length of service in years and divided by 70. Here basic pay is taken as Rs. 6500 only and not the full salary being drawn at the time of retirement and service period is considered year 1995 onward only, thus ignoring 22 years of service, in case one had joined service in 1973. Then some of the employees got their pension commuted and regular 30 % deduction is being done from their pension. EPFO stipulates that this deduction will never stop and continues forever , unlike Govt. pension which discontinue such deduction after 15 years. Even this pension amount remains unchanged through out the life, since it is not linked to any DA or price index, unlike other Govt. pensions. Can any body survive with such meager amount with sky touching prices ? Even old age pension(which they can not claim) given by state Govts. is more than this. I fail to see where workers welfare is involved in the scheme.EPF Dept. is simply milking the working community. The Govt. should not forget its obligation towards such ex-employees of PSUs at least. The Govt. should fix Rs.10000/- per month as minimum EPF pension along with D A as per price index, like other Govt. Employees.
Kulbir Singh ,
Vice Secretary General,
Senior Citizens Council , Rajpura
9876126822 more

Helpful Tax, Investments and Retirement Mar 24

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VINOD SINGH (Expert)

Needs serious improvements. more

Apr 01

Anil Raoot

Thanks for the information. As due to some reason some employees are not benefitted but why theInterst part is not disyributed to Pension of the present employees. Atleast they must get the benefit. more

Mar 30

G SIVA RAMA VARMA

How the workers forget to claim their hard earned money. If not claimed, what the Govt. is doing to locate these employees. The Govt.,/ EPF dept., should have taken steps to locate the legal heirs, either by contacting the last known address of the worker/employee, or raise an advertisement through local news paper. more

Mar 27

Arvind Jadhav

Thank you kulbir .you pointed rightly about the whole PF fund accumulating beyond limits.it is being hoarded at the Ministry & not distributed to the elderly disabled people ( my brother included) .these disabled old people do not get their PF & pension until today. Government should release this fund to needy right now before BJP govt deselected or deleted. This fund is acuumulting for long time and not properly or wisely used. It needs a major thought how to distribute to needy people now.the see are lots of disabled people begging in the streets in the cities. I hope this BJP Government does something about it. Nice suggestion. more

Mar 26

Kulbir Singh Chadha

I humbly request all the retiree to take up this issue at their level . more

Mar 25

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