EPFO Perverted Reply to General Secretary EPS 95 Pension Coordination Committee

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EPFO Perverted Reply to General Secretary EPS 95 Pension Coordination Committee
EPFO Perverted Reply to General Secretary EPS 95 Pension Coordination Committee

EPFO Perverted Reply to General Secretary EPS 95 Pension Coordination Committee:

EPFO has given a stereotyped reply without any responsibility on Eps 95 Pensioners.

Dated:03.05.2021

To,

Prakash Pathak

National General Secretary

Employees Pension 1995 Co-ordination Committee

Sub:-  Humble request to  Hon.Shri Apurva Chandraji, International Labour Organisation Chairman, Email with Video Speech link to help  EPS 95 Pensioners without any Delay in Covid 19 Pandemic with second wave.-regarding.

If you want to read this Article in Telugu, Please Click here

Sir,

Please refer to the above-cited subject.

In  this  regard, the matter has  been  examined  and  the  comments  of  EPFO  are submitted as below:

 (i) With regard to enhancement of minimum pension,  it is stated that the  Employees Pension  Scheme  1995  is a self-funded Scheme with contributions  @ 8.33%  of wages from employer and  @1.16% of wages by Central Government. All benefits under the scheme are paid out of such accumulations. The fund is valued annually and additional reliefs paid if the position of the fund so permits. In the year 2000, the pension fund ran into deficit and no additional reliefs could be paid thereafter.  In spite of this fund deficit,  the  Central Government has enhanced the minimum pension to Rs. 1000/- p.m. with effect from 01.09.2014 by providing budgetary support keeping the widespread demand in view even though there is no provision in Scheme for such budgetary support. It is not possible to increase the pension amount further without compromising the financial viability of the Scheme.

With regard to the linkage of pension under EPS, 1995 with Dearness Allowance (DA), it is informed that the issue of index linking of pension by fully neutralizing inflation was considered by the  Expert Committee constituted by the Central Government in the year 2009 for review of EPS, 1995 and the same was found not feasible in the case of a funded scheme like Employees’ Pension Scheme, 1995. In the Employees’ Pension Scheme, 1995 the contribution of the employer and Government is at a fixed rate of 8.33% and 1.16%. Therefore, the value of benefits cannot be left open-ended by linking with inflation as inflation is variable.  Therefore,  to ensure the sustainability and viability of defined contribution and defined benefits schemes like EPS, 1995 feasibility of providing such benefit is required to be kept in view.

(ii) Further regarding revision of pension on higher wages,  it is hereby informed that since the pension fund is in actuarial deficit to the tune of Rs.15,531  Crores  (as of 31.03.2017),  it is not financially feasible to increase the benefits payable under the scheme.  Furthermore,  as the matter of revision of pension on higher wages is currently sub-judice, a further decision is this matter shall be taken on finalization of the court proceedings.

This is for your information, please.

Yours faithfully,

(Kartikey Singh)

Regional P.F. Commissioner-I (Pension)

Please Read the very Relevant Letter in connection with this Subject

Some Comments of Contributor

If the EPFO ​​/ Government opinion continues like this, Eps 95 Pensioners will be forced to opt NOTA in the polling.

If the Higher Pension Decision is sub-judice, what is the problem in hike of Minimum Pension.

Why delay to increase Minimum Pension?

The government-appointed Koshiyari Committee Report was set aside without implementation.

All categories of people in the country are somehow receiving government welfare schemes except for one Eps 95 Pensioners.

Click here to know more clearly about NOTA.

 

Please comment on the above EPFO Reply in the Comment Section of this Article

5 thoughts on “EPFO Perverted Reply to General Secretary EPS 95 Pension Coordination Committee”

  1. What happened to the contribution made by employee towards family pension schheme,
    Contribution claimed have been made by employer is really part of our PF hcntribution.
    Whether employer or employees concent was taken while making this scheme.
    What was the basis of gov. Contribution.
    Government is not the owner of bublic money they are custodion only.
    Under what provision of Constitution they are giving pension to elected members of parliament and assembly.

    Reply
  2. Regional P.F.Commissioner-I(Pension) statement is manipulated and his final matter on EPS 95 pensioners benifits and giving comment not feasible is not acceptable to 67 Lakh Pensioners, who are put is sevior HARDSHIP in this Pandemic period. Why don’t finalize throught Supreme Court and why Petitions are continuously postponed. Is there any ambiguity in delaying to listing our Writ Petitions. Font they think our Cases are taken lightly whereas W.P. of Sankyo of Japanese Company cases are placed continuously set asiding EPS 59 Writ Petitions. Is it not humiliation to Age old and already died Pensioners issue
    settle with their selfish motive.
    EPS 95 Pensioners are suffering and made to suffer further.
    There should be Fullstop to this
    genuine demands of EPS 95 Pensioners. Are we not Indian Citizens to to live with some solace at the day END OF OUR LIVES.

    Reply
  3. On reading the reply from the officer of EPFO thinking that everyone are like in his cadre of high salary and five figure Pension. But to be frank with that officer who replied this letter, that if he accept the 1000 Rs pension after his retirement we will withdraw all the cases in all courts. Please don’t take the vengeance upon old people since they are born in a poor family and worked in day and night with sacrifice their families and not like this white collar job coming by 10 am and going by 5 am spoiling the good time .So in his reply it is very clear that it is better to close the EPFO in all states ,instead of that please make an recurring deposit in a nationalized bank with the same procedure. At the end of 25 or 30 years of any employee who retired will have the total sum of minimum of 10 lakhs. So if you put in FD you will get minimum of 7000 Rs as interest. Then how this officer is openly telling the lies that the fund shortage and also writing as self oriented credit in EPFO ,which are seems that any govt of any party will cheat the employees who does not know about the procedure of EPFO. Further it is ashamed that the ACCOUNTABILITY of 10.65 LAKHS CRORES ASKED BY S.C IS STILL NOT GIVEN BY EPFO. This is clearly shows that all the Pensioners are being cheated after their retirement by way of giving this1000Rs. I humbly request all the breucrates of govt.service if you are really having honesty and dedication in your job this type of reply which is not a good for a democratic country and also shame to an IAS cadre of other officers. Our curse will reflect to all their family members also. Very sorry to write this letter and also sorry to born in this country and seeing all illegal and corruption and frauds for the past 75 years of my life..If this type of cheating continues the future generations will be spoiled and always their mind will be in frauds and corruption only which spoil the country . PL.DON’T SPOIL INDIA .

    Reply

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