NEW DELHI: Members of the central broad of trustees of Employees’ Provident Fund Organisation on Tuesday reiterated their concern over delay in implementation of the higher pension scheme, the portal for which remains overwhelmed by the volume of data that has been directed to it.
Despite multiple extensions, the digital infrastructure to tackle applicant-related data has not been able to keep pace with the quantum of information being uploaded on the site.This has led to system crashes and site malfunctions that have prevented them for uploading requisite information on the portal. Members have raised concerns over the lack of clarity on the formula for calculating pension, and how the scheme will be funded.
Sources said, at the board’s 234th meeting, where EPFO had asked members to be present, CBT chairman and labour minister Bhupender Yadav assured attendees that the government will update CBT members on the status of implementation of SC’s November 4, 2022 judgment regarding pension on higher wages at the next board meeting.
In November 2022, SC had upheld a 2014 amendment to the Employee Pension Scheme that allowed EPFO members to opt for a higher pension by contributing up to 8.33% of their actual basic salaries towards pension, instead of 8.33% of basic capped at Rs 15,000 per month.
Despite multiple extensions, the digital infrastructure to tackle applicant-related data has not been able to keep pace with the quantum of information being uploaded on the site.This has led to system crashes and site malfunctions that have prevented them for uploading requisite information on the portal. Members have raised concerns over the lack of clarity on the formula for calculating pension, and how the scheme will be funded.
Sources said, at the board’s 234th meeting, where EPFO had asked members to be present, CBT chairman and labour minister Bhupender Yadav assured attendees that the government will update CBT members on the status of implementation of SC’s November 4, 2022 judgment regarding pension on higher wages at the next board meeting.
In November 2022, SC had upheld a 2014 amendment to the Employee Pension Scheme that allowed EPFO members to opt for a higher pension by contributing up to 8.33% of their actual basic salaries towards pension, instead of 8.33% of basic capped at Rs 15,000 per month.
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