MEETING OF HOPE'S - Under Section 32 Every Year EPS 95 has to Take a Report by Appointing Valuers
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🙏 MEETING OF HOPE'S 🙏
The parliamentary committee on Labour met on Wednesday 28th October 2020 and all pensioners were waiting with great Hope's that's something will come out but unfortunately no news came out and everyone was nervous.
Only the information wa their about the committee has raised tha issue of Investment of corpus during the Coronavirus pandemic.The issue was for discussion and standing committee has asked for official to submit all the reply in writing after found to be not satisfactory.
As per EPS 95 act their is a provision under section 32 every year EPs has to take a report by appointing valuers for actuarial valuation of eps fund. I think their must be a report of projecting impact of various amendments, changes in the EPS during last 5 years period and futures but this type of reports not available on EPFO website.
If the reports are not available then committee will have to take a report and will have to asses the long tearms impact and government liability on increase in minimum pension Rs.7500 under EPS95 as well as impact of allowing pension on higher salary
The pension corpus under EPFO is managed by fund manager who are required to make investment only in accordance with the pattern prescribed by the Labour Ministry .As per the data available with Labour Ministry The EPS has received contributions in 2012 /13 Rs.14724.02 crore.and benefits disbursed Rs.9038.54 crore.2013 /14 Rs.16417.76 and disbursed Rs.10900.32 crore.2014 /15 Rs.24251.50 crore.2015 /16 Rs.32037.08 crore.and disbursed Rs.13545.17 crore.2016 /17 Rs.36393.45 crore. and disbursed Rs.15510.23 crore.2017 /18 Rs.42375.65 crore.and disbursed Rs.17316.23 crore.
EPF members as on 31st March 2018 209482151 and EPS Pensioners 6273190
Exempted Establishedment 104528646 and Unexempted Establishment 21773221 and total 2281850 The above-mentioned figures are show the pension fund sound position.Committee must point out that neither the valuation is done on time nor are the report received in a time bound manners.
The parliamentry committee should finalized expeditiously and the bill for the amendment of the act may be brought before the parliament as early as possible because the passing away of pensioners rate is increasing drastically.
Once again we sincerely request for strong recommendation on hike of minimum pension of Rs. 7500 with DA Every pensioner is awaiting with the HOPE from your meetings which is going held on 3rd & 4th November 2020 BEST LUCK
Thanking you
V.M.Tendulkar
National Agitation Committee Navi mumbai
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