Key Points
The Employees' Provident Fund Organisation (EPFO) plans to overhaul its pension division, including by setting up an in-house actuary and hiring additional staff, as the Supreme Court's 2022 order on higher pensions has significantly added to the workload of the retirement fund body...
The EPFO may also ask exempted establishments to pay for the administrative charges involved in computing and processing of higher pension for their employees...
But since millions of employees who have opted for higher pensions are still working, the retirement fund body feels the process will continue for years and hence it requires an in-house facility...
"The administrative cost of pension-related work is met from the administrative charges paid by un-exempted establishments while the exempted establishments pay only inspection charges that are much less compared to the work involved for them," it said, adding some measures to redress this anomaly would be required and suitable proposal for this would be brought in this regard..
As per the EPFO, the higher pension applications from exempted establishments would be decided based upon the Trust Rules approved by the appropriate government, which could be different for different exempted establishments and examination and processing of such cases would involve more effort and resources...
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