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The reforms, which merge thirteen complex provisions into three simplified categories, ensure faster, simpler, and more transparent withdrawal processes. The reduction of the minimum eligible employment period for withdrawals from up to seven years to one year, and the facility for members to withdraw up to 75% of the eligible amount at any time without documentation, and full withdrawal under special situations are landmark measures towards member empowerment and procedural ease.

SCOPE also appreciated the Ministry’s initiative to extend the premature final settlement period to 12 months, a prudent step to promote long-term financial well-being, and to revise withdrawal benefit rules under EPS to encourage continuity and secure future pension benefits.

These comprehensive and citizen-centric reforms strike a fine balance between accessibility and financial prudence, reaffirming the Government’s commitment to inclusive social security and the welfare of the workforce.

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“An invitation came to us from Employees’ Provident Fund Organisation (EPFO) for a meeting. The objective of the meeting was to resolve the pending demands of the pensioners,” EPS-95 NAC President Ashok Raut said.

The EPS-95 NAC members have been protesting to press for their demand of Rs 7,500 as monthly pension instead of an average monthly pension of only Rs 1,450 at present, he said.

Raut said the pensioners have been demanding an increase in the minimum pension for the past eight years, but the government has not addressed their demands.

Earlier this month, Union Minister for Labour and Employment Mansukh Mandaviya had met with EPS-95 NAC representatives and assured them that the government would take necessary steps to address their demand.

The EPS-95 NAC, which includes around 78 lakh retired pensioners and 7.5 crore working employees of industrial sectors, is headquartered in Maharashtra.

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He said, around 24 crore accounts have been updated with the 8.15 interest rate given by the EPFO. He said that EPFO is now settling the claim within 20 days, which is the biggest achievement of the organization.

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The provisional payroll data published by EPFO on 20th October 2020 reveals that the subscriber base of EPFO increased by around 20 lakh during the first five months of FY21. Covid-19 pandemic and subsequent lockdown across the country had adversely affected the enrolments during the first quarter of the current financial year. However, the provisional payroll figures for the month of July and August 2020 are indicative of the slow dissipation of the negative impact of the COVID-19 pandemic outbreak and gradual recovery to pre-Covid levels.

During July 2020 around 7.49 lakh net new subscribers were added which is approximately 64% of the net additions made during the corresponding month of previous year ie. July 2019. The enrolment recovery pattern has further improved in August 2020 where net new additions are roughly 93% of the net growth in membership recorded in August 2019. This is suggestive of return to normalcy regarding subscriber base growth for EPFO.

In terms of month-on-month growth, August 2020 recorded a remarkable 34% jump over July 2020 in terms of net new subscribers added. The higher subscriber base growth seen in the month of August 2020 is on account of increased number of new subscribers and lower exits by members. The new subscriber joining has increased from 6.48 lakh in July 2020 to 6.70 lakh in August 2020. In addition, the exits from EPFO subscriber base declined by more than 50%, from 5.08 lakh in July to 2.46 lakh in August 2020.

Around 5.81 lakh members had exited and then rejoined EPFO during August 2020.These subscribers have switched jobs within the establishments covered by EPFO and choose to retain their membership by transferring funds rather than opting for final settlement. The data published comprises of all the new members who have joined during the month and whose contribution has been received.

Age-wise analysis indicates that during August 2020, the maximum numbers of new additions were from the 22-25 years age bracket followed by 18-21 age bracket. The 18-25 age-group members can be considered as first time employees in the work force and have shown strong revival by contributing almost 51% of the new subscribers.

Across the States, comparison of payroll figures reveals that the States of Maharashtra, Tamil Nadu, Gujarat, Karnataka and Haryana remain at the forefront of the enrollment recovery cycle adding approximately 57% of the total 21.40 lakh net new subscribers added during the months of June, July and August 2020 combined.

Category-wise analysis of industry indicates ‘expert services’ category (which primarily includes manpower agencies, private security agencies and small contractors) has been the most resilient as far as recovery is concerned, contributing a combined net payroll figure of 11.20 lakh for the month of June, July and August 2020, which is approximately 63% of the total net payroll for these three months for the top ten industry categories.

EPFO is country’s principal organization responsible for offering social security benefits to the organized/ semi-organized sector workforce and thereby touching millions of lives. It offers its members a myriad number of services, including provident fund, insurance and pension not only to its members but also to their families. The payroll data is provisional since updating of employee records is a continuous process and accordingly gets updated on a month on month basis.

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COVID-19 crisis has affected 135 regional offices of EPFO with different levels of severity depending on their location. It was observed that though many offices in Mumbai, Thane, Haryana and Chennai zones operate with even less then skeletal staff on account of COVID-19 Pandemic, but there has been a disproportionate increase in claim receipt due to recently introduced COVID-19 advance. Consequently, claim pendency in these offices rose to higher levels leading to delay in claim settlement cycle while other offices, working with 50% workforce and with the help of recently introduced auto settlement mode could bring the claim settlement period down to 3 days for COVID-19 advances.

To reduce the delays by uniformly distributing the claim settlement related workload nationwide, EPFO has moved away from the existing system of geographical jurisdiction for claim processing by rolling out multi-location claim settlement facility. This will allow offices with lesser workload to share the burden of offices that have accumulated a higher level of pendency, due to COVID-19 restrictions. It enables fast-tracking of settlement process through most appropriate engagement of EPFO’s workforce in all its regional offices across the country.

The initiative aimed at enhancing ease of living experience for its members, has been achieved in record time. The first batch of multi-location claims under this path-breaking project was settled for Gurugram Region on 10th June 2020. The claims of employees pertaining to the regional office of Gurugram Region were settled by EPFO staff deployed in Chandigarh, Ludhiana and Jalandhar offices. After settlement the payment was made from the Gurugram office to the bank account of the individual member.
Since its launch, claims pertaining to offices that fall in containment zones are being distributed to offices in other locations for expeditious processing.

Further, the launch of multi-location claim settlement facility is a momentous step towards the larger objectives of ushering faceless claims processing thereby bringing greater levels of transparency, efficiency, reduction of member grievances and expeditious settlement of online claims in line with Prime Minister’s vision of Digital India.

Despite its functioning being adversely impacted due to COVID-19 restrictions, EPFO’s officers and staff through their dedication and constant innovations have been settling more than 80,000 claims amounting to Rs 270 crore per working day since 1st April 2020. With multi-location claim facility EPFO is set to achieve higher benchmarks in service delivery ensuring social security for its more than 6 crore subscribers during the time of crisis.

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The Central Board of Trustees — the top decision-making body of the Employees’ Provident Fund Organisation — had in February this year approved an interest rate of 8.65 per cent rate for the financial year 2018-19.

The proposal was sent for the concurrence of the finance ministry. “…ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19,” Mr Gangwar told reporters on the sidelines of a function here.

At present, retirement fund body EPFO is settling provident fund (PF) withdrawal claims at the interest rate of 8.55 per cent, which was approved for the financial year 2017-18.Earlier this year, the EPFO’s (Employees’ Provident Fund Organisation) apex decision-making body Central Board of Trustees, headed by the labour minister, had decided to raise the interest rate on EPF to 8.65% for the year 2018-19, the first increase in the past three years.

“The finance ministry does not disagree with 8.65% interest on EPF for 2018-19. I believe that it will soon be notified,” Gangwar had said on the sidelines of a FICCI meet last month.

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